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  3. Ruth Simmons joined Goldman Sachs’s board as an outside director in January 2000: a year later she became president of Brown Uni

Ruth Simmons joined Goldman Sachs’s board as an outside director in January 2000: a year later she became president of Brown Uni

admin2012-03-27  90
问题     Ruth Simmons joined Goldman Sachs’s board as an outside director in January 2000: a year later she became president of Brown University. For the rest of the decade she apparently managed both roles without attracting much criticism. But by the end of 2009 Ms. Simmons was under fire for having sat on Goldman’s compensation committee; how could she have let those enormous bonus payouts pass unmarked? By February the next year Ms. Simmons had left the board. The position was just taking up too much time, she said.
   Outside directors are supposed to serve as helpful, yet less biased, advisers on a firm’s board. Having made their wealth and their reputations elsewhere, they presumably have enough independence to disagree with the chief executive’s proposals. If the sky, and the share price is falling, outside directors should be able to give advice based on having weathered their own crises.
   The researchers from Ohio University used a database hat covered more than 10,000 firms and more than 64,000 different directors between 1989 and 2004. Then they simply checked which directors stayed from one proxy statement to the next. The most likely reason for departing a board was age, so the researchers concentrated on those "surprise" disappearances by directors under the age of 70. They found that after a surprise departrue, the probability that the company will subsequently have to restate earnings increased by nearly 20%. The likelihood of being named in a federal class-action lawsuit also increases, and the stock is likely to perform worse. The effect tended to be larger for larger firms. Although a correlation between them leaving and subsequent bad performance at the firm is suggestive, it does not mean that such directors are always jumping off a sinking ship. Often they "trade up." Leaving riskier, smaller firms for larger and more stable firms.
   But the researchers believe that outside directors have an easier time of avoiding a blow to their reputations if they leave a firm before bad news breaks, even if a review of history shows they were on the board at the time any wrongdoing occurred. Firms who want to keep their outside directors through tough times may have to create incentives. Otherwise outside directors will follow the example of Ms. Simmons, once again very popular on campus.
It can be inferred from the last paragraph that outside directors______.
选项 A、may stay for the attractive offers from the firm
B、have often had records of wrongdoings in the firm
C、are accustomed to stress-free work in the firm
D、will decline incentives from the firm
答案A
解析 推理题。题干定位在最后一段，没有明确的定位。因此需要分析段落结构，找到作者所暗示的内容。最后一段首先提到独立董事会在公司坏消息出现前离开以避免影响自己的声誉。然后提到了需要奖励来留住他们，否则Simmons女士的例子会重现。
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