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wishwind · 2023年10月23日

ratchet up 和ratcheting effect有什么关系吗？

  1. ESG
  2. Governance factors

NO.PZ2022120701000048

问题如下：

Which executive remuneration concern is most likely expressed by board members?

选项：

A.Across the market as a whole, executive pay rates continue to ratchet up.

B.Executive pay does not reflect the market performance of the shares.

C.The executive pay structure does not incentivize executives to deliver maximum value.

解释：

Misunderstandings between board members and investors over executive pay have led to a lack of trust between the two parties, with board members concerned that their remuneration proposals could be voted down by investors This situation may lead to the negotiation of a compromised executive pay structure that does not necessarily enable the executives to unlock the full potential of the company but is likely to receive voting support from investors Broader concerns about market rates for executive pay and potential disconnects between executive pay and market performance are more often expressed by investors who are not on the board

讲义里提到ratcheting up，所以选了A

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1 个答案

Tina_品职助教 · 2023年10月24日

嗨，从没放弃的小努力你好：


这段话可能更有助于理解。尽管提到ratcheting effect，但是在while后面。是尽管关注这个问题，但更重要的是后面，就是董事会和股东对于这个问题的态度差异。


“ratcheting effect” 是一个经济学中的术语，指的是某些价格或其他变量在某个方向上发生变化后很难恢复到其原始状态的现象。例如，在劳资谈判中，工资可能会上涨，但很少降低，这就是“ratcheting effect”。


如果高管工资一味的随行就市上涨，而不能真实的反映高管的能力和对公司做出的贡献，这就得不到shareholders的赞同。所以董事会并不是在意高管薪酬随行就市，而是在意和股东之间达成一致。董事会成员最有可能表示的关切是与高管薪酬结构和激励机制有关的，而不是薪酬的市场率。因此，正确的答案是C。


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