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  3. Executive managers’ pay is still determined by simplistic measures of performance that bear little relation to long-term drivers

Executive managers’ pay is still determined by simplistic measures of performance that bear little relation to long-term drivers

admin2022-01-18  38
问题     Executive managers’ pay is still determined by simplistic measures of performance that bear little relation to long-term drivers of companies’ value, according to an analysis of pay at FTSE (Financial Times Stock Exchange) 100 companies over the past decade.
    The research【C1】________executive remuneration (报酬) over the 10 years from 2003-2013 at 30 FTSE 100 companies, and found there was【C2】________correlation between the key performance indicators that companies highlighted to shareholders and the measures used to incentivize and reward senior staff. "Much of the discussion around executive compensation focuses on the【C3】________of bonus payments," said Natalie Winter Frost, chairwoman of CFA UK. "The more important question centers around the way that performance is measured and consequently incentivized. " The research found that chief executives’ pay showed a low level of correlation with company performance, regardless of the specific measure of performance used. " A large【C4】________of CEO pay appears unrelated to periodic value creation," said the report’s authors.
    Relatively simplistic performance measures such as earnings per share and total shareholder return continued to【C5】________the criteria which were used to measure executives’ performance over the period. Value-based metrics that【C6】________performances to the cost of capital were rarely used. Earnings per share can be boosted by, for example, M&A activity that does not【C7】________enhance profitability. The report said the dangers of over-reliance on such measures of executives’ performance were well documented and included; "investment myopia (目光短浅), earnings manipulation, excessive risk-taking, and【C8】________to organizational culture".
    "There are【C9】________flaws in current remuneration policies and whilst our report highlights that compensation practices have improved, the journey is far from【C10】________," said Ms Winter Frost.
    A) ambiguous    F) examined      K) overworked
    B) complete     G) extract       L) related
    C) consensus    H) fraction      M) resources
    D) dominate     I) magnitude     N) scant
    E) evident      J) necessarily   O) threats
【C4】
选项
答案H
解析 名词辨析题。空格位于a large和介词of之间，因此空格处应填入名词单数。此处意为：________首席执行官的薪酬似乎与周期价值创造没有关联。空格前一句指出，无论采取哪些具体的业绩衡量尺度，首席执行官们的薪酬与公司业绩的关联度都很低，因此空格所在句是对这句话的进一步解释，故此处应当是强调数量之多。a large fraction of意为“大量的”，故本题答案为H)。
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