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尼克内姆 · 2020年08月02日

问一道题:NO.PZ2016032801000014 [ CFA I ]

问题如下:

One of the discretionary accounts managed by Farnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company president, recently asked Farnsworth to vote the shares in the profit-sharing plan in favor of the slate of directors nominated by Jones Corporation and against the directors sponsored by a dissident stockholder group. Farnsworth does not want to lose this account because he directs all the account’s trades to a brokerage firm that provides Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it does help in managing several other accounts. The brokerage firm providing this information also offers the lowest commissions for trades and provides best execution. Farnsworth investigates the director issue, concludes that the management nominated slate is better for the long-run performance of the company than the dissident group’s slate, and votes accordingly. Farnsworth:

选项:

A.

Violated the Standards in voting the shares in the manner requested by Jones but not in directing trades to the brokerage firm.

B.

Did not violate the Standards in voting the shares in the manner requested by Jones or in directing trades to the brokerage firm.

C.

Violated the Standards in directing trades to the brokerage firm but not in voting the shares as requested by Jones.

解释:

B is correct.

This question relates to Standard III(A) –Loyalty, Prudence, and Care specifically, a member’s or candidate’s responsibility for voting proxies and the use of client brokerage. According to the facts stated in the question, Farnsworth did not violate Standard III(A). Although the company president asked Farnsworth to vote the shares of the Jones Corporation profit-sharing plan a certain way, Farnsworth investigated the issue and concluded, independently, the best way to vote. Therefore, even though his decision coincided with the wishes of the company president, Farnsworth is not in violation of his responsibility to be loyal and to provide care to his clients. In this case, the participants and the beneficiaries of the profit-sharing plan are the clients, not the company’s management. Had Farnsworth not investigated the issue or had he yielded to the president’s wishes and voted for a slate of directors that he had determined was not in the best interest of the company, Farnsworth would have violated his responsibilities to the beneficiaries of the plan. In addition, because the brokerage firm provides the lowest commissions and best execution for securities transactions, Farnsworth has met his obligations to the client in using this brokerage firm. It does not matter that the brokerage firm also provides research information that is not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for that information.

请帮忙翻一下选项b中文意思,谢谢

1 个答案

王暄_品职助教 · 2020年08月04日

嗨,从没放弃的小努力你好:


文中提到两件事:

  1. Farnsworth被DB Plan的president要求投票给他们公司提名的director,而不是投一位director denominated by dissident stockholder group
  2. Farnsworth 把股票交易的工作外包给了一家brokerage

选项B说,Farnsworth在为公司投票选举director和外包交易工作这两是上都没有违反CFA准则。

  • 因为Farnsworth调查过,公司提名的这位director如果选上,对公司的长期发展有好处,则最终会对DB Plan的受益者,即员工也有好处,那么Farnsworth就是从员工的角度出发去投票,所以没有违反
  • 外包交易工作,Farnsworth也是秉着“best execution and best price”的原则,所以也没有违反
  • 则选B

-------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!


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2023-07-25 14:52 1 · 回答

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