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  3. One reason why shareholder activism has been increasing is that regulators have encouraged it, especially on pay. For a decade B

One reason why shareholder activism has been increasing is that regulators have encouraged it, especially on pay. For a decade B

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问题     One reason why shareholder activism has been increasing is that regulators have encouraged it, especially on pay. For a decade Britain has required firms to give shareholders a non-binding annual vote on executive pay. The colossal Dodd-Frank act of 2010 gave shareholders in American companies a "say on pay", too.
    Now comes two new moves. On March 3rd the Swiss voted to oblige firms to hold a binding annual vote on director’s pay: in the small print, the referendum also banned golden handshakes and severance packages for board members, and bonuses that encourage the buying or selling of firms. Then on March 5th EU finance ministers (with only Britain objecting) agreed to cap bankers’ bonuses to 100% of their basic salary, or 200% if shareholders vote for it.
    If the Swiss had merely given shareholders an annual vote on pay, it would have been a good thing; but the accompanying bans are not. There are times when a golden handshake to a talented manager can be in shareholders’ interests: far better to let the owners vote on it than restrict the firm from trying it.
    The EU’s proposal has less still to recommend it. The rationale for it is that banking bonuses have encouraged risk taking, because they reward bankers hugely for bets that come off and punish them only slightly for those that don’t. But banks have come a long way since the crisis, by deferring bonuses and making them partly payable in their own debt and equity. Blunt laws could undermine such progress. And bonus caps will either hold pay down, thus sending clever people elsewhere, or push up salaries, thus making pay less responsive to performance. Enpowering shareholders is a good idea; requiring them to channel populist fury is not.
We know from the last paragraph that a bonus cap may achieve all EXCEPT ______.
选项 A、making talents quit
B、cutting down the salary
C、requiring shareholders to cause populist fury
D、making salary less responsive to performance
答案C
解析 根据题干中的“bonus cap”定位到最后一段倒数第二句：And bonus caps will either hold pay down，thus sending clever people elsewhere，or push up salaries，thus making pay less responsive to performance．其中“hold pay down”对应选项B，cutting down the salary；“sending clever people elsewhere”对应选项A，making talents quit；“making pay less responsive to performance”对应选项D，故本句没有提到的只有选项C。
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