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这个四月不太冷 · 2025年06月24日

还是不理解B

  1. ESG
  2. Governance factors

NO.PZ2024010505000006

问题如下：

Which executive remuneration concern is most likely expressed by board members?

选项：

A.Across the market as a whole, executive pay rates continue to ratchet up.

B.Executive pay does not reflect the market performance of the shares.

C.The executive pay structure does not incentivize executives to deliver maximum value.

解释：

C is correct. Misunderstandings between board members and investors over executive pay have led to a lack of trust between the two parties, with board members concerned that their remuneration proposals could be voted down by investors. This situation may lead to the negotiation of a compromise executive pay structure that does not necessarily enable the executives to unlock the full potential of the company but is likely to receive voting support from investors. Broader concerns about market rates for executive pay and potential disconnects between executive pay and market performance are more often expressed by investors who are not on the board.

还是不理解B 设置薪酬的时候不就是不能和performance 挂钩的吗？B的说法应该是对的呀

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1 个答案

王岑 · 2025年06月24日

嗨，从没放弃的小努力你好：


题干问的是哪项关于高管薪酬的担忧最有可能是由“董事会成员（board members）”表达的？

正确答案：C. The executive pay structure does not incentivize executives to deliver maximum value

这是董事会最关注的问题。

为什么？因为董事会负责制定高管薪酬方案，他们要考虑如何通过薪酬激励管理层创造企业长期价值，但又担心薪酬结构被股东否决，于是很可能退而求其次、设计一个“妥协版”的激励结构。

换句话说， 董事会最怕的是：“薪酬方案设计得不够激励人，但至少能通过股东表决。”

为什么不是 B？“B. Executive pay does not reflect the market performance of the shares”

这个说法没错，但更常由投资者提出，而不是董事会成员。原因如下：

1）投资者更关注“你拿高薪，但股价没涨”，他们希望高管“与股东利益绑定”；

2）董事会成员则是薪酬设计者，他们更担心的是薪酬结构本身是否合理、是否具备激励性；

3）B 是投资者视角下的批评，C 才是董事会面临的内部困境。

为什么不是 A？“A. Across the market as a whole, executive pay rates continue to ratchet up”（高管薪酬整体在不断上升）

这也是投资者常见的系统性担忧，尤其是机构股东或监管机构会认为整体薪酬“过高”。但它不是董事会成员的首要顾虑，因为个别公司的董事会更专注于本公司的薪酬结构能否通过股东表决、能否有效激励管理层。

B的观点没错，但站错了角度。它代表的是投资者的担忧，不是董事会的主要担忧。题目问的是“董事会成员最有可能表达的担忧”，所以选 C 才对。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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