1. Manasa would like to minimize the fuel consumption for the trip by driving at the appropriate speed. How should she change the speed?[CAT 2001]





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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. 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MCQ->Manasa would like to minimize the fuel consumption for the trip by driving at the appropriate speed. How should she change the speed?[CAT 2001]....
MCQ-> Billie Holiday died a few weeks ago. I have been unable until now to write about her, but since she will survive many who receive longer obituaries, a short delay in one small appreciation will not harm her or us. When she died we — the musicians, critics, all who were ever transfixed by the most heart-rending voice of the past generation — grieved bitterly. There was no reason to. Few people pursed self-destruction more whole-heartedly than she, and when the pursuit was at an end, at the age of 44, she had turned herself into a physical and artistic wreck. Some of us tried gallantly to pretend otherwise, taking comfort in the occasional moments when she still sounded like a ravaged echo of her greatness. Others had not even the heart to see and listen any more. We preferred to stay home and, if old and lucky enough to own the incomparable records of her heyday from 1937 to 1946, many of which are not even available on British LP, to recreate those coarse-textured, sinuous, sensual and unbearable sad noises which gave her a sure corner of immortality. Her physical death called, if anything, for relief rather than sorrow. What sort of middle age would she have faced without the voice to earn money for her drinks and fixes, without the looks — and in her day she was hauntingly beautiful — to attract the men she needed, without business sense, without anything but the disinterested worship of ageing men who had heard and seen her in her glory?And yet, irrational though it is, our grief expressed Billie Holiday’s art, that of a woman for whom one must be sorry. The great blues singers, to whom she may be justly compared, played their game from strength. Lionesses, though often wounded or at bay (did not Bessie Smith call herself ‘a tiger, ready to jump’?), their tragic equivalents were Cleopatra and Phaedra; Holiday’s was an embittered Ophelia. She was the Puccini heroine among blues singers, or rather among jazz singers, for though she sang a cabaret version of the blues incomparably, her natural idiom was the pop song. Her unique achievement was to have twisted this into a genuine expression of the major passions by means of a total disregard of its sugary tunes, or indeed of any tune other than her own few delicately crying elongated notes, phrased like Bessie Smith or Louis Armstrong in sackcloth, sung in a thin, gritty, haunting voice whose natural mood was an unresigned and voluptuous welcome for the pains of love. Nobody has sung, or will sing, Bess’s songs from Porgy as she did. It was this combination of bitterness and physical submission, as of someone lying still while watching his legs being amputated, which gives such a blood-curdling quality to her Strange Fruit, the anti-lynching poem which she turned into an unforgettable art song. Suffering was her profession; but she did not accept it.Little need be said about her horrifying life, which she described with emotional, though hardly with factual, truth in her autobiography Lady Sings the Blues. After an adolescence in which self-respect was measured by a girl’s insistence on picking up the coins thrown to her by clients with her hands, she was plainly beyond help. She did not lack it, for she had the flair and scrupulous honesty of John Hammond to launch her, the best musicians of the 1930s to accompany her — notably Teddy Wilson, Frankie Newton and Lester Young — the boundless devotion of all serious connoisseurs, and much public success. It was too late to arrest a career of systematic embittered self-immolation. To be born with both beauty and selfrespect in the Negro ghetto of Baltimore in 1915 was too much of a handicap, even without rape at the age of 10 and drug-addiction in her teens. But, while she destroyed herself, she sang, unmelodious, profound and heartbreaking. It is impossible not to weep for her, or not to hate the world which made her what she was.Why will Billie Holiday survive many who receive longer obituaries?
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MCQ-> Recently I spent several hours sitting under a tree in my garden with the social anthropologist William Ury, a Harvard University professor who specializes in the art of negotiation and wrote the bestselling book, Getting to Yes. He captivated me with his theory that tribalism protects people from their fear of rapid change. He explained that the pillars of tribalism that humans rely on for security would always counter any significant cultural or social change. In this way, he said, change is never allowed to happen too fast. Technology, for example, is a pillar of society. Ury believes that every time technology moves in a new or radical direction, another pillar such as religion or nationalism will grow stronger in effect, the traditional and familiar will assume greater importance to compensate for the new and untested. In this manner, human tribes avoid rapid change that leaves people insecure and frightened.But we have all heard that nothing is as permanent as change. Nothing is guaranteed. Pithy expressions, to be sure, but no more than cliches. As Ury says, people don’t live that way from day-to-day. On the contrary, they actively seek certainty and stability. They want to know they will be safe.Even so we scare ourselves constantly with the idea of change. An IBM CEO once said: ‘We only re-structure for a good reason, and if we haven’t re-structured in a while, that’s a good reason.’ We are scared that competitors, technology and the consumer will put us Out of business — so we have to change all the time just to stay alive. But if we asked our fathers and grandfathers, would they have said that they lived in a period of little change? Structure may not have changed much. It may just be the speed with which we do things.Change is over-rated, anyway, consider the automobile. It’s an especially valuable example, because the auto industry has spent tens of billions of dollars on research and product development in the last 100 years. Henry Ford’s first car had a metal chassis with an internal combustion, gasoline-powered engine, four wheels with rubber types, a foot operated clutch assembly and brake system, a steering wheel, and four seats, and it could safely do 1 8 miles per hour. A hundred years and tens of thousands of research hours later, we drive cars with a metal chassis with an internal combustion, gasoline-powered engine, four wheels with rubber tyres a foot operated clutch assembly and brake system, a steering wheel, four seats – and the average speed in London in 2001 was 17.5 miles per hour!That’s not a hell of a lot of return for the money. Ford evidently doesn’t have much to teach us about change. The fact that they’re still manufacturing cars is not proof that Ford Motor Co. is a sound organization, just proof that it takes very large companies to make cars in great quantities — making for an almost impregnable entry barrier.Fifty years after the development of the jet engine, planes are also little changed. They’ve grown bigger, wider and can carry more people. But those are incremental, largely cosmetic changes.Taken together, this lack of real change has come to man that in travel — whether driving or flying — time and technology have not combined to make things much better. The safety and design have of course accompanied the times and the new volume of cars and flights, but nothing of any significance has changed in the basic assumptions of the final product.At the same time, moving around in cars or aero-planes becomes less and less efficient all the time Not only has there been no great change, but also both forms of transport have deteriorated as more people clamour to use them. The same is true for telephones, which took over hundred years to become mobile or photographic film, which also required an entire century to change.The only explanation for this is anthropological. Once established in calcified organizations, humans do two things: sabotage changes that might render people dispensable, and ensure industry-wide emulation. In the 960s, German auto companies developed plans to scrap the entire combustion engine for an electrical design. (The same existed in the 1970s in Japan, and in the 1980s in France.) So for 40 years we might have been free of the wasteful and ludicrous dependence on fossil fuels. Why didn’t it go anywhere? Because auto executives understood pistons and carburettors, and would be loath to cannibalize their expertise, along with most of their factoriesAccording to the above passage, which of the following statements is true?
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MCQ-> Read the following passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions. Once upon a time there was a King of Benaras who was very rich. He had many servants and a beautiful palace with wonderful gardens; he had chariots and a stable full of horses. But his most prized possession was a magnificent elephant called Mahaghiri. She was as tall as two men, and her skin was of the colour of thunder clouds. She had large flapping ears and small, bright eyes and she was very clever. Mahaghiri lived in her own special elephant house and had her own keeper, Rajinder. The King would often visit Mahaghiri to take her some special tit-bit to eat and check that Rajinder was looking after her properly. But Rajinder needed no reminding, for he also loved the elephant dearly, and trusted her completely. Every morning, he would take her down to the river for her bath. Then he would bring her freshly cut grass, leaves and the finest fruits he could find in the market for her breakfast. During the day, he would talk to her and, in the evening, he would play his flute to send her to sleep. One morning, Rajinder arrived as usual with fruit for Mahaghiri’s breakfast. Suddenly, before he knew what was happening, she picked him up with her trunk and threw him out of the stall, breaking his arm. She began to stamp on the ground and trumpet so loudly that it took several strong men all morning to bind her with ropes and chains, When the king heard about what had happened, he was very upset and sent for the doctor to help Rajinder. Then he called for his chief minister. “You must go and see Mahaghiri at once,” he said. “She used to be so kind and gentle, but this morning she threw her keeper out of her stall. I can’t understand it. She must be ill or in pain. Spare no expense in finding a cure.” So the chief minister went to see Mahaghiri. who was still bound firmly with ropes. First he looked at her eyes – they were as clear and bright as usual. Then he felt behind her ears – her temperature was normal. Next he listened to her heart that was fine too – and checked all over for cuts or sores. He could find nothing wrong with her. “Strange,” he thought. “I can find no explanation for her bad behaviour.”But then his eye was caught by something gleaming in the straw. It was a sharp, curved knife, like the ones used by robbers. Could there be a connection? That night, when everyone else had gone to bed, the chief minister returned to the elephant house. There, in the stall next to Mahaghiri’s, sat a band of robbers. “Tonight we’ll burgle the palace,” said the chief. “First, we’ll make a hole in the wall, then we’ll steal the treasure. “But what about the guards?” someone asked. “Don’t tell me you’re still afraid to kill! When will you learn to be a real robber?” From the shadows, the minister could see the elephant, her ears pinned back, listening to every hateful and violent word.”Just as I suspected,” thought the minister. Then he slipped out, bolted the door on the outside so the robbers could not escape, and went immediately to the king.”Your majesty,” he said, “I think I have found the cause of your elephant’s bad behaviour.” As soon as the king heard what the minister had to say, he sent for his guards and had the robbers arrested. “But what about the elephant? How can she be cured?’ he asked. “Well, your majesty, if Mahaghiri became dangerous through being.in the company of those wicked robbers, perhaps she could be cured by being in the company of good people.” “What a brilliant idea!” exclaimed the king. “Let us invite the friendliest, happiest and kindest people in the city to meet in the stall next to the elephant.” “Mahaghiri, the king’s most prized elephant, has been in bad company and has become violent and dangerous,” the minister told his friends. “Will you help her to become her old self again?””Of course,” they replied. “What do you want us to do?” “Just meet in the elephant house every day for the next week. Let her hear how kindly and thoughtfully you speak to each other, and how helpful you are.” So the minister’s friends met in the elephant house as planned. They talked together and enjoyed each other’s company. Sometimes they brought cakes and sweets to share; sometimes their children came and played happily in the straw. All the while, Mahaghiri watched and listened. Gradually, she became calmer. “I think it’s working,” said the minister. “Soon we’ll be able to remove the ropes.” Everyone felt a bit nervous when the day came for Mahaghiri to be untied. The king ordered everyone to wait outside as, very carefully, brave Rajinder began to undo the ropes around her ears and trunk. Next he removed the ropes holding her head. Finally, he loosened the thick chains holding her great feet. Everyone held their breath. What if she was still wild?Mahaghiri looked round shuffling her feet to stretch them. Then she slowly curled her trunk around her keeper’s waist and lifted him high into the air before placing him gently on her back. A great cheer went up. The king was delighted. “Let’s have a picnic to celebrate,” he announced. “Mahaghiri can come too.” What a great afternoon they all had! Mahaghiri bathed in the lake and gave the children rides. It seemed as though she had now become kinder, gentler and even more trustworthy than ever. But Rajinder never forgot what had happened and was always careful to set Mahaghiri a good example by being kind and friendly himself.As per the context of passage, what was the most prized possession of the king of Benaras ?
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