Despite this, the percentage of S P 500 firms with staggered boards has fallen only slightly--from 63% in 2001 to 60% in 2003, according to the Investor Responsibility Research Centre. And many of those firms that have been forced by shareholders to abolish the system are doing so only slowly. Merck, a pharmaceutical company in trouble over the possible side-effects of its arthritis drug Vioxx, is allowing its directors to run their full term before introducing a system in which they are all re-elected annually. Other companies staggered boards are entrenched in their corporate charters, which cannot be amended by a shareholders vote. Anyone who expected the scandals of 2001 to bring about rapid change in the balance of power between managers and owners was, at best, naive.
1. The Sarbanes-Oxley act is most probably about_________.
A. corporate scandal
B. corporate management
C. corporate cost
D. corporate governance
2. The word backlash most probably means_________.
A. a violent force
B. a strong impetus
C. a firm measure
D. a strong negative reaction
3. According to the text, separating the roles between chairman and chief executive is________.
A. a common practice in American companies
B. what many European companies do
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