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Corporate Hierarchy

25.5.2018, , Zdroj: Verlag Dashöfer

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Corporate Hierarchy

Edward Thomas

1. MEET THE BOARD (OF A PHARMA COMPANY)

„I'm Martin Colville, the CEO or Chief Executive Officer. I am meant to ensure 1. ………………………. Sometimes I get called the Chairman of the Board.”

„Hi. I'm George Mc Cann. I'm the C.O.O., or Chief Operating Officer. I report to Martin and 2. ………………………. I'm really needed because the company is too large for the CEO to manage everything.”

„I'm Will Blondquist. I am the C.F.O., or Chief Financial Officer. My job has several parts - to manage financial risk for the company, 3. ……………………… oversee in -company auditing and the preparation of financial reports. I report to the Board and the CEO.”

„Hi, I'm William Ekwulugo. I am our Executive Vice-President, Africa. With all the medical problems in Africa it's a major region for growth in the drugs business and 4. ……………………… is very important.”

„I'm Alston Hughes. I am 5. ………………………. I am responsible for the licensing and branding of our products, as well as research.”

„I'm Alison Howarth. I'm a Non-Executive Director. I sit on both the Nomination Committee and the Remuneration Committee. 6. ……………………… and I help decide who will become a Board member and how much people in the company will get paid - from the lowest workers to the top of management...”

„...And my name is Rob Howell and I'm also an Outside Director- I sit on the Science Committee because 7. ……………………… for deciding what kind of products to select for development and research.”

Above you can see the descriptions of some of the board members of a Pharmaceutical company. Below you can see some phrases that have been taken from the descriptions, leaving gaps. Can you put the right phrases in the right gaps?

 

a) this division of our company
b) Executive Director for Development
c) that all the decisions of the Board are carried out
d) I have a background in personnel and finance
e) I manage the day to day affairs of the company
f) my experience in medicine is vital
g) to do financial planning, and financial record keeping

Correct answers are here1

2. CREAM RISING TO THE TOP?

Fat Cats' Pay Causes Anger

The fat cats of the boardroom are earning great amounts of money when their salaries are combined with share option schemes and bonuses. A recent survey of the top 100 British companies listed on the stock exchange has shown that they gave their directors more than GBP 1 billion in 2006.

The survey by the Interesting-to-Know (I.K.) survey group showed that total incomes for directors of Britain's top companies rose by over a third, and at more than nine times the average rate for British salaries.

The biggest salaries it suggests are in financial services, although these organisations also usually have the flattest pay structures.

The biggest pay gaps can be seen supermarkets and pubs. This may be because they employ a large number of part-time workers.

The detailed results of the survey are likely to cause angry debates over executive pay. 'It seems incredible that top directors have suddenly become so much more productive than the rest of their staff,' a Mr Whatnot told the Inquisition newspaper.

Polly Complainer led a long line of newspaper commentators attacking the corporations paying such a lot of money to their executives. Writing in the Inquisitor on Sunday newspaper she writes that „Boardroom pay is out of control and obscene, and there is a great and widening gap between the rich and the poor. It is so terrible that I want to cry.”

Responding to the criticism, Luke I. M. Rich-Okay, spokeperson for Directors-in-it-for-Money (DiM) said that executives holding positions with a lot of responsibility, sitting on committees and reporting to shareholders simply deserved a lot of money and that was all he would say about it.

Can you...

1. Find two synonyms for „fat cats” :-)?

2. Find two synonyms for „pay”?

3. Find two activities of executives?

4. Find two ways in which boardroom pay is added to?

Correct answers are here2

True or false

1. The biggest difference in pay between executives and employees is in financial services.

2. Boardroom pay is rising about as much as for ordinary employees.

3. A major factor in the debate is bonuses and share schemes.

4. All kinds of companies were questioned for the survey.

Correct answers are here3

3. EXPLAINING WHAT´S WHAT

Could you tell a stranger what's what about your company? Or who's who? Look at the table below. You can see there are some explanations which are mixed up into three parts. Put them together in the right way and the explanations should be clear.

 

1. A bonus I. Is where the financial situation of the company is analysed in detail a) the instructions of the executives.
2. A stock option II. Work is better paid and b) and has no operational responsibilities.
3. Productive III. Is money given if c) good people who might add something to the capabilities of the board.
4. An audit IV. Is the duty which directors have to their best d) to pay employees.