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BEC閱讀真題詳解：Evaluating the performance of the board

　　Evaluating the performance of the board

　　Few employees escape the annual or twice-yearlyperformance review. (0) .....G......The answer is not a greatnumber. And the smaller the company, the fewer checks thereare on how well the directors are doing. Some of the largestcompanies formally assess the performance of their board, butvery few new or growing companies have managed to getround to establishing any such procedure.

　　Many business experts believe, however, that it is important for all companies to review theperformance of the board. (8) .............Another reason is that the board itself needs information onhow well it is doing, just as much as other employees do. For the chief executive, appraisal of somesort is absolutely essential for his or her own sake and for the good of the company. Indeed, manyof those who have reached this level remark on how lonely the job of chief executive is and howfew opportunities they get to discuss issues relating to it.

　　There is some evidence to show that once smaller companies put a board appraisal process inplace, they find this process relatively easy to operate. (9) .............Their counterparts in largerorganisations, however, are often afraid that appraisals could be a challenge to their status.

　　So, how should companies assess their board? (10) .............At a very basic level,this couldsimply mean getting all the directors to write down what they have achieved and how they canimprove on it. At the other end of the scale is the full '360-degree' appraisal. Here, each director isappraised in a systematic manner by a combination of the chairman and fellow directors.

　　In the largest companies there are many methods for assessing the board. A number of suchcompanies have self-assessment schemes. The chairman may meet each board memberindividually to ask how things are going, in a fairly informal way. The whole board might also meetto talk about its progress in open session. (11).............These mi

　　ight ask for people's opinions onthe board's main tasks or on how well the committees are working.

　　Research indicates there has been some improvement in the way the appraisal of boardmembers is conducted. (12) .............The chairman will have been involved directly or indirectly inthe appraisal of all members of the board. Whose job is it, then, to appraise the chairman?

　　A It is often the case that the directors of such companies are even happy to receive criticism,as this can prevent them from making basic mistakes.

　　B The rest of the workforce sees it as unfair if the directors are the only members of thecompany to escape appraisal.

　　C These are encouraging as they put a limit on the power of the chairman to assess fellowdirectors.

　　D Alternatively, questionnaires might be distributed to directors, forming the basis for futurediscussion.

　　E One issue remains, however, when all the others have been dealt with.

　　F It is generally agreed that it is the chairman's responsibility to ensure the regular appraisal ofeach member of the board.

　　G However, one wonders how many companies have in place a formal appraisal process fortheir board of directors.

　　BEC中級閱讀備考：日本央行稱日元需加息保障經(jīng)濟穩(wěn)定

　　日本央行(BOJ)行長福井俊彥(Toshihiko Fukui)昨日闡明了日本需要逐步加息的理由，并警告稱，如果利率持續(xù)保持低位，可能會加劇日元套利交易，并危及日本經(jīng)濟的穩(wěn)定。

　　日本央行稱日元需加息保障經(jīng)濟穩(wěn)定

　　日本央行(BOJ)行長福井俊彥(Toshihiko Fukui)昨日闡明了日本需要逐步加息的理由，并警告稱，如果利率持續(xù)保持低位，可能會加劇日元套利交易，并危及日本經(jīng)濟的穩(wěn)定。

　　Japan’s central bank governor yesterday made the case for a gradual increase in interest rates, warning that keeping rates low could fuel the so-called yen carry trade and destabilise the country’s economy.

　　福井俊彥昨日在日本國會講話時表示，與經(jīng)濟運行狀況相比，日元利率偏低。日本目前的基準利率為0.5%，是七國集團(G7)中最低的，而日本近年一直保持略高于2%的的經(jīng)濟增幅。

　　Japan’s interest rates, which at 0.5 per cent are the lowest among the Group of Seven nations, are relatively low in comparison with the economy, which has been growing at a little more than 2 per cent in recent years, Toshihiko Fukui, Bank of Japan governor, told parliament.

　　但是，福井俊彥希望反駁一種日益流行的觀點。這種觀點認為日本央行近期可能無法加息。而日本央行擔心，這種觀點可能助推房地產(chǎn)泡沫，并鼓勵更多投資者借入低利率的日元，投資于收益率更高的海外資產(chǎn)(即所謂的套利交易)。

　　But Mr Fukui sought to counter a growing view that the BoJ may not be able to raise rates soon, which it fears could fuel a real estate bubble and more investors borrowing low-interest yen to invest in higher-yielding assets overseas, in what is known as the carry trade.

　　福井俊彥對日本參議院金融委員會表示："如果市場預期認為，無論物價和經(jīng)濟狀況如何，日本都將保持低利率，那么，這就可能鼓勵人們進行低效率的資產(chǎn)配置，如投資房地產(chǎn)和日元套利交易等。"

　　"If the expectation takes hold that low interest rates will continue regardless of the situation of both prices and the economy, then that could invite inefficient allocation of capital including real estate and the yen carry trade," he told the Upper House’s financial committee.

　　"如果日本央行在利率調(diào)整方面動作太慢，就可能會增加(發(fā)生上述風險的)可能性，意味著我們沒有盡到職責。"

　　"If the BoJ acts too slowly in adjusting interest rates, that would raise the possibility of [upside risks] occurring and would mean that we are not fulfilling our responsibility."

　　與此同時，歐洲央行官員也明確表示，有必要緊縮貨幣政策：歐洲央行(ECB)行長讓-克洛德o特里謝(Jean-Claude Trichet)昨日暗示，歐元區(qū)利率將在6月份升至4%的水平;而英國央行(Bank of England)也于昨日決定將主導利率提高25個基點，至5.5%，為6年來最高水平。

　　Mr Fukui’s comments came as European central bankers made it clear that tighter monetary policy was necessary: Jean-Claude Trichet, European Central Bank president, yesterday signalled that eurozone rates would rise to 4 per cent in June, while the Bank of England raised its main interest rate by a quarter of a percentage point to 5.5 per cent, its highest in six years.

　　此外，美聯(lián)儲(Fed)周三也重申了它的主要憂慮，擔心"通貨膨脹可能不像預期那樣趨緩"。至此，世界主要央行均已表示，他們的首要任務依然是控制通貨膨脹。

　　With the Federal Reserve reiterating its main concern that "inflation will fail to moderate as expected" on Wednesday, all the world’s big central banks have signalled their primary focus remains the control of inflation.

　　商務英語中級閱讀材料：污染嚴重

　　一項全球污染研究昨日發(fā)現(xiàn)，中國、印度和俄羅斯名列全球污染最嚴重地區(qū)之首。

　　China, India and Russia top the list of the world’s most polluted places, a study of global pollution yesterday found.

　　在全球十大污染最嚴重的地區(qū)中，上述三個國家各占兩個，而另外四個地區(qū)分別位于秘魯、烏克蘭、贊比亞和阿塞拜疆。

　　The three countries are each home to two of the world’s top 10 polluted sites, while the others are in Peru, Ukraine, Zambia and Azerbaijan.

　　臨汾和天津分別因空氣質(zhì)量糟糕和金屬工業(yè)，成為中國污染最嚴重的城市。Sukinda和Vapi由于采礦業(yè)和一般工業(yè)，名列印度污染最嚴重地區(qū)榜首。金屬冶煉中心諾里爾斯克和武器制造基地捷爾任斯克，是俄羅斯污染最嚴重的地區(qū)。

　　Linfen and Tianjin are the worst polluted places in China because of poor air quality and the metal industry respectively. Sukinda and Vapi are the worst in India, the former because of mining and the latter from general industry. Norilsk, where metals are extracted, and Dzerzhinsk, home to weapons manufacture, are Russia’s most polluted locations.

　　鐵匠研究所(Blacksmith Institute)發(fā)布了有關(guān)全球30個污染最嚴重地區(qū)的報告。該組織表示，不太可能將十大污染地區(qū)進行排序，因為每個地區(qū)的污染形式不同，而且在其地理和人口方面也存在很大差別。

　　The Blacksmith Institute, which produced the report on the “dirty 30” most polluted places on the planet, said it was not possible to rank the top 10 in order because of the different forms of pollution in each place and because they differed widely in their geography and population.

　　鐵匠研究所全球業(yè)務主管大衛(wèi)?漢拉漢(David Hanrahan)表示：“這30個污染城市都對人類健康造成很大毒害。”

　　“All sites in the dirty 30 are very toxic and dangerous to human health,” said David Hanrahan, director of global operations at Blacksmith.

　　該研究所所長理查德?富勒(Richard Fuller)稱：“事實上，這些污染地區(qū)的兒童正罹患疾病，(有些人)生命垂危，而目前還沒有解決這些問題的先進科學。”

　　Richard Fuller, director of the institute, said: “The fact of the matter is that children are sick and dying in these polluted places and it’s not rocket science to fix them.”

　　報告發(fā)現(xiàn)，在30個污染最嚴重地區(qū)中，采礦業(yè)是污染最主要的原因，而金屬冶煉、石化及其它工業(yè)也是污染的原因。

　　Mining was found to be the most frequent cause of pollution in the dirty 30 but metals extraction, petrochemicals and other industries were also to blame.

　　空氣污染最嚴重地區(qū)分別是中國的臨汾、蘭州和烏魯木齊，俄羅斯的馬格尼托哥爾斯克，以及墨西哥城。

　　The worst places for air pollution were Linfen, Lanzhou and Urumqi in China, Magnitogorsk in Russia and Mexico City.

　　肯尼亞的丹羅拉垃圾場也榜上有名，成為城市垃圾污染最嚴重的地區(qū)。

　　The Dandora dump in Kenya made it on to the list for being the worst site polluted by urban waste.

　　烏克蘭切爾諾貝利的核污染殘留物使該地區(qū)進入十大污染城市之列，吉爾吉斯斯坦的梅魯蘇地區(qū)也因其核場所而上榜。

　　Chernobyl’s legacy of nuclear contamination put the region in the top 10, and Mailuu-Suu in Kyrgyzstan was also judged one of the worst polluted for its nuclear site.

　　BEC中級閱讀材料:蘇格蘭皇家銀行擬收購蘇州信托股權(quán)

　　蘇格蘭皇家銀行(Royal Bank of Scotland)試圖擴大在中國的投資銀行業(yè)務，正考慮投資于第二家中資機構(gòu)。

　　蘇格蘭皇家銀行擬收購蘇州信托19.9%股權(quán)

　　蘇格蘭皇家銀行(Royal Bank of Scotland)試圖擴大在中國的投資銀行業(yè)務，正考慮投資于第二家中資機構(gòu)。

　　Royal Bank of Scotland is considering investing in a second Chinese institution as the banking group seeks to build up its investment banking operations in the country.

　　一位知情人士表示，蘇格蘭皇家銀行正與江蘇的蘇州信托(Suzhou Trust)洽談，計劃收購其19.9%的股權(quán)，并已將相關(guān)方案提交監(jiān)管機構(gòu)批準。然而，最終敲定協(xié)議可能需要一年時間。

　　RBS is discussing taking a 19.9 per cent stake in Suzhou Trust, which is based in China’s Jiangsu province, and has asked regulators for approval, a person familiar with the matter said. 　However, any agreement could take up to a year to finalise.

　　兩年多以前，蘇格蘭皇家銀行牽頭的一個財團以31億美元收購了中國銀行(Bank of China) 10%的股權(quán)。中國銀行是中國最大的銀行之一。盡管這筆投資當時遭到了投資者的尖銳批評，但在中國銀行上市后，隨著其股價的飆升，蘇格蘭皇家銀行所持股份的價值也大幅增長。

　　The talks come more than two years after RBS led a consortium that acquired a 10 per cent stake in Bank of China, one of the country’s largest lenders, for .1bn. Though the investment at the time faced heavy criticism from investors, the value of RBS’s stake has soared with Bank of China’s shares following its stock market flotation.

　　蘇格蘭皇家銀行利用與中國銀行的合作，已經(jīng)在中國成立了一個信用卡合資公司。兩家銀行還在攜手合作，為中國內(nèi)地富有的投資者提供高端私人銀行服務。

　　RBS has used its co-operation with Bank of China to launch a credit-card joint venture, and the two lenders are also working together to provide high-end private banking services to wealthy mainland investors.

　　然而，人們認為，蘇格蘭皇家銀行投資蘇州信托背后的動機，是為了擴大其在中國內(nèi)地的投資銀行業(yè)務。蘇州信托主要為政府基礎(chǔ)設施項目提供融資。以前曾有報道稱，蘇州信托與美國投資銀行集團摩根士丹利(Morgan Stanley)進行過洽談。

　　However, the investment in Suzhou Trust is thought to be motivated by RBS’s desire to expand its investment banking operations in mainland China. Suzhou mainly provides funding for government infrastructure projects. Suzhou was previously reported to have held talks with Morgan Stanley, the US investment banking group.

　　前不久，蘇格蘭皇家銀行牽頭的財團剛剛以710億歐元(合1020億美元)獲得了荷蘭銀行(ABN Amro)的控制權(quán)。該財團此后將分拆荷蘭銀行，蘇格蘭皇家銀行將獲得荷蘭銀行的批發(fā)銀行部門及其亞洲業(yè)務。

　　News of the move comes shortly after a Royal Bank of Scotland-led consortium took control of ABN Amro, the Dutch banking group, with a ?71bn (2bn) break-up bid. The move will see RBS take control of ABN Amro’s wholesale banking division as well as its operations in Asia.

　　本月早些時候，蘇格蘭皇家銀行首席執(zhí)行官弗雷德?古德溫爵士(Sir Fred Goodwin)公布，該行的私人股本貸款和資產(chǎn)因美國次貸危機而出現(xiàn)的減損值低于預期。

　　Sir Fred Goodwin, RBS’s chief executive, earlier this month unveiled lower-than-expected write-downs on private equity loans and assets hit by the meltdown in the US subprime mortgage market.

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