题目内容
（请给出正确答案）
One of committee members__________ an interesting point．
A.brought on
B.brought about
C.brought up
D.brought down
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A．preferment
B．priority
C．superiority
D．prestige
2 The risk committee at Southern Continents Company (SCC) met to discuss a report by its risk manager, Stephanie
Field. The report focused on a number of risks that applied to a chemicals factory recently acquired by SCC in another
country, Southland. She explained that the new risks related to the security of the factory in Southland in respect of
burglary, to the supply of one of the key raw materials that experienced fluctuations in world supply and also an
environmental risk. The environmental risk, Stephanie explained, was to do with the possibility of poisonous
emissions from the Southland factory.
The SCC chief executive, Choo Wang, who chaired the risk committee, said that the Southland factory was important
to him for two reasons. First, he said it was strategically important to the company. Second, it was important because
his own bonuses depended upon it. He said that because he had personally negotiated the purchase of the Southland
factory, the remunerations committee had included a performance bonus on his salary based on the success of the
Southland investment. He told Stephanie that a performance-related bonus was payable when and if the factory
achieved a certain level of output that Choo considered to be ambitious. ‘I don’t get any bonus at all until we reach
a high level of output from the factory,’ he said. ‘So I don’t care what the risks are, we will have to manage them.’
Stephanie explained that one of her main concerns arose because the employees at the factory in Southland were not
aware of the importance of risk management to SCC. She said that the former owner of the factory paid less attention
to risk issues and so the staff were not as aware of risk as Stephanie would like them to be. ‘I would like to get risk
awareness embedded in the culture at the Southland factory,’ she said.
Choo Wang said that he knew from Stephanie’s report what the risks were, but that he wanted somebody to explain
to him what strategies SCC could use to manage the risks.
Required:
(a) Describe four strategies that can be used to manage risk and identify, with reasons, an appropriate strategy
for each of the three risks mentioned in the case. (12 marks)
Section B – TWO questions ONLY to be attempted
Five years ago, George Woof was appointed chief executive offi cer (CEO) of Tomato Bank, one of the largest global banks. Mr Woof had a successful track record in senior management in America and his appointment was considered very fortunate for the company. Analysts rated him as one of the world’s best bankers and the other directors of Tomato Bank looked forward to his appointment and a signifi cant strengthening of the business.
One of the factors needed to secure Mr Woof’s services was his reward package. Prior to his acceptance of the position, Tomato Bank’s remuneration committee (comprised entirely of non-executives) received a letter from Mr Woof saying that because his track record was so strong, they could be assured of many years of sustained growth under his leadership. In discussions concerning his pension, however, he asked for a generous non-performance related pension settlement to be written into his contract so that it would be payable whenever he decided to leave the company (subject to a minimum term of two years) and regardless of his performance as CEO. Such was the euphoria about his appointment that his request was approved. Furthermore in the hasty manner in which Mr Woof’s reward package was agreed, the split of his package between basic and performance-related components was not carefully scrutinised. Everybody on the remuneration committee was so certain that he would bring success to Tomato Bank that the individual details of his reward package were not considered important.
In addition, the remuneration committee received several letters from Tomato Bank’s fi nance director, John Temba, saying, in direct terms, that they should offer Mr Woof ‘whatever he wants’ to ensure that he joins the company and that the balance of benefi ts was not important as long as he joined. Two of the non-executive directors on the remuneration committee were former colleagues of Mr Woof and told the fi nance director they would take his advice and make sure they put a package together that would ensure Mr Woof joined the company.
Once in post, Mr Woof led an excessively aggressive strategy that involved high growth in the loan and mortgage books fi nanced from a range of sources, some of which proved unreliable. In the fi fth year of his appointment, the failure of some of the sources of funds upon which the growth of the bank was based led to severe fi nancing diffi culties at Tomato Bank. Shareholders voted to replace George Woof as CEO. They said he had been reckless in exposing the company to so much risk in growing the loan book without adequately covering it with reliable sources of funds.
When he left, the press reported that despite his failure in the job, he would be leaving with what the newspapers referred to as an ‘obscenely large’ pension. Some shareholders were angry and said that Mr Woof was being ‘rewarded for failure’. When Mr Woof was asked if he might voluntarily forego some of his pension in recognition of his failure in the job, he refused, saying that he was contractually entitled to it and so would be keeping it all.
Required:
(a) Criticise the performance of Tomato Bank’s remuneration committee in agreeing Mr Woof’s reward package. (10 marks)
(b) Describe the components of an appropriately designed executive reward package and explain why a more balanced package of benefi ts should have been used to reward Mr Woof. (10 marks)
(c) Construct an ethical case for Mr Woof to voluntarily accept a reduction in his pension value in recognition of his failure as chief executive of Tomato Bank. (5 marks)
The restrictive laws that the courts are interpreting are mainly a legacy of the bank failures of the 1930s. The current high rate -- higher than at any time since the Great Depression -- has made legislators afraid to remove the restrictions. While legislative timidity is understandable, it is also mistaken. One reason so many American banks are getting into trouble is precisely that the old restrictions make it hard for them to build a domestic base large and strong enough to support their activities in today's telecommunicating round-the-clock, around-the-world financial markets. In trying to escape from these restrictions, banks are taking enormous, and what should be unnecessary, risks. For example, would a large bank be buying small, failed savings banks at inflated prices if federal law and states' regulations permitted that bank to expand through the acquisition of financially healthy banks in the region7 Of course not. The solution is clear American banks will be sounder when they are not geographically limited. The House of Representative's banking committee has shown part of the way forward by recommending common-sensible, though limited, legislation for a five-year transition to nationwide banking. This would give regional banks time to group together to form. counterweights to the big money-center banks. Without this breathing space the big money-legislation should be regarded as only a way station on the road towards a complete examination of American's suitable banking legislation.
The author’s attitude towards the current banking laws is best described as one of _______.
A．concerned dissatisfaction
B．tolerant disapproval
C．uncaring indifference
D．great admiration
As part of the application procedure (手续) , Dr. Ginoux was asked to prepare a list of all the operations performed in the previous even years. Slowly, as she worked on the long list, she began to feel uncertain. She began to question some of her decisions. Had she used the best technique in that case？ Maybe, in this case, she should have given one more test before operating？ On the other hand, maybe she should have. . . Would the doctors on the selection committee understand that, as the only trained surgeon in the area, she usually could not get advice from others and therefore, had to rely completely on her own judgment？ For the first time, Dr. Ginoux felt lonely and isolated.
The longer Dr. Ginoux worked on the application forms, the more depressed she became. As hope faded, she wondered if a "country doctor"had a realistic chance of being accepted by the American College of Surgeons.
Dr. Ginoux was working in______.
A．a large city
B．the American College of Surgeons
C．an area far from any big city
D．a selective organization
A 20-year bull market has convinced us all the CEOs are geniuses, so watch with Astonishment the troubles of Donald Rumsfeld and Paul O'Neill. Here are two highly regarded businessmen, obviously intelligent and well-informed, foundering in their jobs.
Actually, we shouldn't be surprised. Rumsfeld and O'Neill are not doing badly despite having been successful CEOs but because of it. The record of senior businessmen in government is one of almost unrelieved disappointment. In fact, with the exception of Robert Rubin, it is difficult to think of a CEO who had a successful career in government.
Why is this？ Well, first the CEO has to recognize that he is no longer the CEO. He is at best an adviser to the CEO, the president. But even the president is not really the CEO. No one is. Power in a corporation is concentrated and vertically structured. Power in Washington is diffuse and horizontally spread out. The secretary might think he's in charge of his agency. But the chairman of the congressional committee funding that agency feels the same. In his famous study "Presidential Power and the Modern Presidents," Richard Neustadt explains how little power the president actually has and concludes that the only lasting presidential power is "the power to persuade."
Take Rumsfeld's attempt to transform. the cold-war military into one geared for the future. It's innovative but deeply threatening to almost everyone in Washington. The Defense Secretary did not try to sell it to the Joint Chiefs of Staff, Congress, the budget office or the White House. As a result, the idea is collapsing.
Second, what power you have, you must use carefully. For example, O'Neill's position as Treasury Secretary is one with little formal authority. Unlike Finance Ministers around the world, Treasury does not control the budget. But it has symbolic power. The secretary is seen as the chief economic spokesman for the administration and, if he plays it right, the chief economic adviser for the president.
O'Neill has been publicly critical of the IMF’s bailout packages for developing countries while at the same time approving such packages for Turkey, Argentina and Brazil. As a result, he has gotten the worst of both worlds. The bailouts continue, but their effect in holstering investor confidence is limited because the markets are rattled by his skepticism.
Perhaps the government doesn't do bailouts well. But that leads to a third rule: you can't just quit. Jack Welch's famous law for re-engineering General Electric was to be first or second in any given product category, or else get out of that business. But if the government isn't doing a particular job at peak level, it doesn't always have the option of relieving itself of that function. The Pentagon probably wastes a lot of money. But it can't get out of the national-security business.
The key to former Treasury secretary Rubin's success may have been that he fully understood that business and government are, in his words, "necessarily and properly very different.' In a recent speech he explained, "Business functions around one predominate organizing principle, profitability…Government, on the other hand, deals with a vast number of equally legitimate and often potentially competing objectives---for example, energy production versus environmental protection, or safety regulations versus productivity.”
Rubin's example shows that talented people can do well in g
A．regard the president as the CEO
B．take absolute control of his department
C．exercise more power than the congressional committee
D．become acquainted with its power structure
A.A.arrogance
B.B.advantage
