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grace · 2023年11月30日

b选项

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

感觉b和c说的是相似的意思,b说高管薪酬与股价不一致,也就是bonus激励机制不完善,难道董事会不会担心这个问题吗?c选项是高管薪酬激励没有最大化,我理解的激励机制不就是bonus吗?为什么选c而不选b呢?看其他解析说选c是考虑到了股东和董事会之间的矛盾,不明白这和股东有什么关系

1 个答案

净净_品职助教 · 2023年11月30日

嗨,努力学习的PZer你好:


这个问题涉及到对高管薪酬结构的不同理解角度。选项B和C看似表达相近的观点,但实际上关注的焦点不同。

选项B(高管薪酬与股价表现不一致)主要关注的是高管薪酬与公司市场表现之间的关联。这种观点更多地从股东的角度出发,因为股东关注的是他们的投资收益,而这通常与公司的股价表现直接相关。如果高管的薪酬和股价表现不一致(即股价表现不佳,但高管仍然获得高薪),股东可能会感到不满。

相反,选项C(高管薪酬结构不激励高管最大化公司价值)更多地从董事会的角度出发。董事会的关注点在于,薪酬结构是否能有效激励高管推动公司的长期增长和成功。这里的关键是“激励机制”——即薪酬结构是否能激励高管为公司创造最大价值。如果薪酬结构主要是基于短期的股价表现,而不是公司长期的业绩或其他关键绩效指标,董事会可能会担心这不能充分激发高管的潜力。

从股东和董事会之间的矛盾来看,董事会可能更关注于如何设计一个既能获得股东支持,又能有效激励高管的薪酬结构。在这种情况下,选择C更能反映出董事会可能的担忧,即薪酬结构可能因为寻求股东支持而变得过于保守,从而无法充分激励高管为公司创造更大的价值。

简而言之,选项B关注的是薪酬与市场表现的直接关联,更多体现股东的观点;而选项C关注的是薪酬结构对高管激励效果的影响,更贴近董事会的考虑。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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