most Firms’ AnnuAl gEnErAl mEEtingsAgms) owE morE to north korEA thAn AnCiEnt grEECE.By long-stAnDing trADition, BossEs mAkE plAtituDinous spEEChEs, listEn to lonE DissiDEnts with thE Air oF psyChiAtriC nursEs towArDs pAtiEnts AnD wAit For thEir own proposAls to BE ruBBEr-stAmpED By thE proxy votEs oF oBEDiEnt institutionAl invEstors.ACCorDing to mAniFEst, A shArEholDEr-ADviCE Firm, 97% oF votEs CAst ACrossEuropE lAst yEAr BACkED mAnAgEmEnt.
so shoulD CorporAtE DEmoCrAts BE ChEErED By thE rEBEllion ovEr pAy At royAlDutCh shEllAt thE oil giAnt’sAgm on mAy 19th, 59% oF voting shArEholDErs siDED AgAinst pAy pACkAgEs For top ExECutivEs. in pArtiCulAr thEy DislikED 4.2 million ($ 5.8 million) in shArEs DishED out to FivE ExECutivEs, whiCh ComprisED ABout 12% oF thEir totAl pAy For 2008．unDEr thE Firm’s rulEs, suCh AwArDs shoulD BE grAntED only iF shEll’s totAl rEturn in thE yEAr is in thE top thrEE oF its pEEr group. in 2007 AnD 2008, shEll CAmE A vEry ClosE Fourth, so thE Firm DECiDED to pAy out AnywAy.
shEll is hArDly A postEr ChilD For mAlFEAsAnCE: it is pErForming wEll, its pAy is similAr to thAt At othEr Big oil Firms AnD its shArEholDErs prEviously gAvE DirECtors DisCrEtion to BEnD thE rulEs. thEy hAvE usED it to Cut pAy in thE pAst. still, Although thE votE is not BinDing, it is sEriously EmBArrAssing. thE turnout wAs DECEnt, At ABout 50%, AnD sEvErAl Big FunD mAnAgErs wErE ClEArly Furious. thE pAyouts hAvE AlrEADy BEEn mADE AnD proBABly CAnnot BE rEvErsED, But shEll will BE in DisgrACE For A whilE. jormA ollilA, its ChAirmAn, sAiD hE took thE votE "vEry sEriously" AnD promisED to "rEFlECt CArEFully".AFtEr gsk, ABritish Drugs Firm, hAD A rEBEllion on pAy in 2003, it ComplEtEly rEDrEw its pAy poliCy.
it is not just shEll thAt is FACing unrEst. rough mArkEts AnD A wiDEr politiCAl uproAr ovEr pAy hAvE FuEllED DisContEnt ACross CorporAtEEuropE.Almost hAlF oF thE voting shArEholDErs AtBp, AnothEr oil giAnt, FAilED to support its pAy poliCiEs inApril.At rio tinto, A mining Firm with A hABit oF Digging holEs For itsElF, A FiFth oF voting shArEholDErs rEjECtED its rEmunErAtion poliCy. so FAr this yEAr 15% oF votEs CAst on pAy inBritAin hAvE DissEntED, CompArED with 7% lAst yEAr. in ContinEntAlEuropE ownErs ArE grumpy, too: in FEBruAry Almost A thirD oF voting shArEholDErs At novArtis, A swiss Drugs Firm, DEmAnDED thE right to ApprovE its rEmunErAtion poliCy EACh yEAr.
But tAking BossEs to tAsk For thEir EvEr-EsCAlAting sAlAriEs is not A suBstitutE For kEEn ovErsight oF pErFormAnCE AnD strAtEgy.At royAlBAnk oF sCotlAnD, whiCh hAD to BE rEsCuED By tAxpAyErs lAst yEAr, 90% oF voting shArEholDErs rEjECtED its pAy poliCiEs lAst month. yEt BACk inAugust 2007, 95% oF thEm tiCkED thE Box in support oF thE ACquisition oFABnAmro, thE DEAl thAt Brought thE BAnk to its knEEs.
whAt DoEs "postEr ChilD" (pArA 3, linE 1) proBABly rEFEr to ACCorDing to thE tExt
A、
A、prominEnt ExAmplE or typE oF somEthing.
B、
A、ChilD on thE postEr.
C．onE kinD oF postEr By shEll.
D．
A、BAD ExAmplE For BusinEss opErAtion.