BEC阅读真题详解：Evaluatingtheperformanceoftheboard
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BEC阅读真题详解：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中级阅读备考：日本央行称日元需加息保障经济稳定
日本央行(BOJ)行长福井俊彦(Toshihiko Fukui)昨日阐明了日本需要逐步加息的理由，并警告称，如果利率持续保持低位，可能会加剧日元套利交易，并危及日本经济的稳定。
日本央行称日元需加息保障经济稳定
日本央行(BOJ)行长福井俊彦(Toshihiko Fukui)昨日阐明了日本需要逐步加息的理由，并警告称，如果利率持续保持低位，可能会加剧日元套利交易，并危及日本经济的稳定。
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.
福井俊彦昨日在日本国会讲话时表示，与经济运行状况相比，日元利率偏低。日本目前的基准利率为0.5%，是七国集团(G7)中最低的，而日本近年一直保持略高于2%的的经济增幅。
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，福井俊彦希望反驳一种日益流行的观点。这种观点认为日本央行近期可能无法加息。而日本央行担心，这种观点可能助推房地产泡沫，并鼓励更多投资者借入低利率的日元，投资于收益率更高的海外资产(即所谓的套利交易)。
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.
福井俊彦对日本参议院金融委员会表示："如果市场预期认为，无论物价和经济状况如何，日本都将保持低利率，那么，这就可能鼓励人们进行低效率的资产配置，如投资房地产和日元套利交易等。"
"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调整方面动作太慢，就可能会增加(发生上述风险的)可能性，意味着我们没有尽到职责。"
"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."
与此同时，欧洲央行官员也明确表示，有必要紧缩货币政策：欧洲央行(ECB)行长让-克洛德o特里谢(Jean-Claude Trichet)昨日暗示，欧元区利率将在6月份升至4%的水平;而英国央行(Bank of England)也于昨日决定将主导利率提高25个基点，至5.5%，为6年来最高水平。
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，美联储(Fed)周三也重申了它的主要忧虑，担心"通货膨胀可能不像预期那样趋缓"。至此，世界主要央行均已表示，他们的首要任务依然是控制通货膨胀。
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.
商务英语中级阅读材料：污染严重
一项全球污染研究昨日发现，中国、印度和俄罗斯名列全球污染最严重地区之首。
China, India and Russia top the list of the world’s most polluted places, a study of global pollution yesterday found.
在全球十大污染最严重的地区中，上述三个国家各占两个，而另外四个地区分别位于秘鲁、乌克兰、赞比亚和阿塞拜疆。
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.
临汾和天津分别因空气质量糟糕和金属工业，成为中国污染最严重的城市。Sukinda和Vapi由于采矿业和一般工业，名列印度污染最严重地区榜首。金属冶炼中心诺里尔斯克和武器制造基地捷尔任斯克，是俄罗斯污染最严重的地区。
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.
铁匠研究所(Blacksmith Institute)发布了有关全球30个污染最严重地区的报告。该组织表示，不太可能将十大污染地区进行排序，因为每个地区的污染形式不同，而且在其地理和人口方面也存在很大差别。
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.
铁匠研究所全球业务主管大卫?汉拉汉(David Hanrahan)表示：“这30个污染城市都对人类健康造成很大毒害。”
“All sites in the dirty 30 are very toxic and dangerous to human health,” said David Hanrahan, director of global operations at Blacksmith.
该研究所所长理查德?富勒(Richard Fuller)称：“事实上，这些污染地区的儿童正罹患疾病，(有些人)生命垂危，而目前还没有解决这些问题的先进科学。”
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.”
报告发现，在30个污染最严重地区中，采矿业是污染最主要的原因，而金属冶炼、石化及其它工业也是污染的原因。
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.
空气污染最严重地区分别是中国的临汾、兰州和乌鲁木齐，俄罗斯的马格尼托哥尔斯克，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.
肯尼亚的丹罗拉垃圾场也榜上有名，成为城市垃圾污染最严重的地区。
The Dandora dump in Kenya made it on to the list for being the worst site polluted by urban waste.
乌克兰切尔诺贝利的核污染残留物使该地区进入十大污染城市之列，吉尔吉斯斯坦的梅鲁苏地区也因其核场所而上榜。
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中级阅读材料:苏格兰皇家银行拟收购苏州信托股权
苏格兰皇家银行(Royal Bank of Scotland)试图扩大在中国的投资银行业务，正考虑投资于第二家中资机构。
苏格兰皇家银行拟收购苏州信托19.9%股权
苏格兰皇家银行(Royal Bank of Scotland)试图扩大在中国的投资银行业务，正考虑投资于第二家中资机构。
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，苏格兰皇家银行正与江苏的苏州信托(Suzhou Trust)洽谈，计划收购其19.9%的股权，并已将相关方案提交监管机构批准。然而，最终敲定协议可能需要一年时间。
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.
两年多以前，苏格兰皇家银行牵头的一个财团以31亿美元收购了中国银行(Bank of China) 10%的股权。中国银行是中国最大的银行之一。尽管这笔投资当时遭到了投资者的尖锐批评，但在中国银行上市后，随着其股价的飙升，苏格兰皇家银行所持股份的价值也大幅增长。
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.
苏格兰皇家银行利用与中国银行的合作，已经在中国成立了一个信用卡合资公司。两家银行还在携手合作，为中国内地富有的投资者提供高端私人银行服务。
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，人们认为，苏格兰皇家银行投资苏州信托背后的动机，是为了扩大其在中国内地的投资银行业务。苏州信托主要为政府基础设施项目提供融资。以前曾有报道称，苏州信托与美国投资银行集团摩根士丹利(Morgan Stanley)进行过洽谈。
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，苏格兰皇家银行牵头的财团刚刚以710亿欧元(合1020亿美元)获得了荷兰银行(ABN Amro)的控制权。该财团此后将分拆荷兰银行，苏格兰皇家银行将获得荷兰银行的批发银行部门及其亚洲业务。
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.
本月早些时候，苏格兰皇家银行首席执行官弗雷德?古德温爵士(Sir Fred Goodwin)公布，该行的私人股本贷款和资产因美国次贷危机而出现的减损值低于预期。
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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