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Ruth Simmons joined Goldman Sachs’s board as an outside director in January 2000; a year later she became president of Brown Uni
Ruth Simmons joined Goldman Sachs’s board as an outside director in January 2000; a year later she became president of Brown Uni
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2013-11-29
114
问题
Ruth Simmons joined Goldman Sachs’s board as an outside director in January 2000; a year later she became president of Brown University. For the rest of the decade she apparently managed both roles without attracting much criticism. But by the end of 2009 Ms. Simmons was under fire for having sat on Goldman’s compensation committee; how could she have let those enormous bonus payouts pass unremarked? By February the next year Ms. Simmons had left the board. The position was taking up too much time, she said.
Outside directors are supposed to serve as helpful, yet less biased, advisers on a firm’s board. Having made their wealth and their reputations elsewhere, they presumably have enough independence to disagree with the chief executive’s proposals. If the sky, and the share price, is falling, outside directors should be able to give advice based on having weathered their own crises.
The researchers from Ohio University used a database that covered more than 10,000 firms and more than 64,000 different directors between 1989 and 2004. Then they simply checked which directors stayed from one proxy statement to the next. The most likely reason for departing a board was age, so the researchers concentrated on those "surprise" departure, the probability that the company will subsequently have to restate earnings increases by nearly 20%. The likelihood of being named in a federal class-action lawsuit also increases, and the stock is likely to perform worse. The effect tended to be larger for larger firms. Although a correlation between them leaving and subsequent bad performance at the firm is suggestive, it does not mean that such directors are always jumping off a sinking ship. Often they "trade up," leaving riskier, smaller firms for larger and more stable firms.
But the researchers believe that outside directors have an easier time of avoiding a blow to their reputations if they leave a firm before bad news breaks, even if a review of history shows they were on the board at the time any wrongdoing occurred. Firms who want to keep their outside directors through tough time may have to create incentives. Otherwise outside directors will follow the example of Ms. Simmons, once again very popular on campus.
It can be inferred from the last paragraph that outside directors______.
选项
A、may stay for the attractive offers from the firm
B、have often had the records of wrongdoings in the firm
C、are accustomed to stress-free work in the firm
D、will decline incentives from the firm
答案
A
解析
本题信息点是outside directors。我们来到文章最后一段,先逐句理解字面意思,然后整理各相关独立董事语句的信息,最后与本题的各选项对照,并做出选择。本文最后一段共三句话,都与outside director有关。第一句是outside directors have an easier time of avoiding a blow to their reputations if they leave a firm before bad news breaks,even if a review of history shows they were on the board at the time any wrongdoing occurred,大意为:通过提前离开,独立董事很容易规避声誉受损;第二句是Firms who want to keep their outside directors through tough time may have to create incentives,大意为:想留住独立董事的公司可能必须给他们激励:第三句话是Otherwise outside directors will follow the example of Ms.Simmons,once again very popular on campus,大意为:否则独立董事会像Simmons一样,又一次在大学受到欢迎。现在把以上三句话所陈述的内容与本题选项对照就会发现选项A符合第二句话的内容,为本题答案。
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0
考研英语二
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