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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  47
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
【C2】
选项
答案N
解析 形容词辨析题。分析句子结构可知，空格位于系动词was和名词correlation之间，因此应填入冠词或形容词修饰correlation。此处意为：该研究……发现，公司对股东强调的关键业绩指标与用来激励和回报高管的衡量标准之间有________关联。根据文章首段可知，决定高管薪酬的主要因素仍是一些简单化的业绩衡量尺度，这些尺度与公司价值的长期推动因素关系不大，因此空格处应填入与首段中的little一样表示“关系不大”的形容词。结合备选项可知，scant“不足的，缺乏的”符合题意，故本题答案为N)。
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