填空题 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 1 executive remuneration (报酬) over the 10 years from 2003-2013 at 30 FTSE 100 companies, and found there was 2 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 3 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 4 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 5 the criteria which were used to measure executives" performance over the period. Value-based metrics that 6 performances to the cost of capital were rarely used. Earnings per share can be boosted by, for example, M&A activity that does not 7 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 8 to organizational culture".
"There are 9 flaws in current remuneration policies and whilst our report highlights that compensation practices have improved, the journey is far from 10 ," said Ms Winter Frost.
A. ambiguous
B. complete
C. consensus
D. dominate
E. evident
F. examined
G. extract
H. fraction
I. magnitude
J. necessarily
K. overworked
L. related
M. resources
N. scant
O. threats