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wishwind · 2023年12月20日

请解释一下每一个选项

  1. ESG
  2. Governance factors

NO.PZ2022120702000018

问题如下：

CBT’s Annual General Meeting (AGM) is two months away. Patrick Weeze is a portfolio manager who owns a significant number of CBT shares in his portfolio. His fund is a concentrated portfolio with high idiosyncratic risk and, as a result, Patrick believes that a detailed analysis of the governance of each of his portfolio holdings is paramount to its long-term performance. He reviews the relevant documentation regarding CBT’s AGM and notes the following:

− CBT currently has 10 individuals sitting on its board, 3 of whom are independent. The Chairman is the former CEO who stepped down last year.

Patrick believes that the Chair cannot be considered as an independent member of the board. He schedules an engagement meeting with the Chair to discuss the matter.

What could be the most favourable outcome from a governance perspective?

选项：

A.The Chair steps down and the CEO assumes the chairmanship, and one of the independent directors becomes the lead independent director. B.The Chair steps down and remains on the board, and one of the existing independent directors is elected Chair. C.An additional independent director is added to the board to increase the level of independence. D.The Chair steps down from the Chair role, and a newly elected independent director is appointed Chair.

解释：

CBT目前有10位董事，其中3位是独立董事。董事会主席是去年离职的前任首席执行官。Patrick认为，主席不能被视为董事会的独立成员。他安排与主席开会讨论此事。从治理的角度来看，最有利的结果就是D选项，董事会主席辞去其职务，新选出的独立董事被任命为董事长，保证董事会主席的独立性。

这道题不看案例能直接选出来吗

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1 个答案

Tina_品职助教 · 2023年12月21日

嗨，从没放弃的小努力你好：


因为这个题是选 the most favourable，所以需要比较选项选出最优。这里面要解决的就是董事会独立性的问题。一是避免CEO和董事会主席为一人，二是增加董事会中独立董事的席位和作用。


A. 董事长辞职，CEO成为董事长，一个独立董事成为主要独立董事：

  • 这种安排可能导致独立性降低。通常，将CEO和董事长的职位分离被认为是良好治理的最佳实践，因为这可以确保管理层的独立监督。

B. 董事长辞职但留在董事会，现有的一位独立董事被选为董事长：

  • 这改善了董事会的独立性，因为董事长职位由一位独立董事担任。这样的安排是有助于更好地平衡管理层和监督职责之间的关系。

C. 增加一位独立董事，提高董事会独立性：

  • 增加独立董事有助于增强董事会的整体独立性，但这不会直接解决董事长职位的独立性问题。

D. 董事长辞职，新选出的独立董事被任命为董事长：

  • 这是从治理角度最理想的选择。通过确保董事长是新选出的独立董事，这种安排最大程度地保证了董事会领导的独立性，并提供了清晰的监督和责任分离。

虽然B,D都有一定程度上解决独立性问题，但相对而言，D还增加了独立董事的比例，所以是更优秀选。


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