1. The Board of Directors is usually (elected) by stockholders.
2. Their share price (had been rising) steadily before the merger (was announced).
3. We (have spent) a lot of money on the advertising campaign.
4. Yesterday Mr. Higgins (was told) to come at two o'clock on the dot.
5. The office worker (has been dismissed) as he (has been stealing) the company's property ever since he (was appointed).
6. He (has worked) as a consultant for three different companies in the same field of activity, but (was fired) from the first two.
7. Although strategic decision-making is generally (entrusted) to senior
officials, the board members are responsible to the shareholders for any
errors that might (be made).
8. It (was reported) yesterday that the sides (had reached) an agreement on the terms of the contract.
9. Our perfomance (has been helped) by the failure of our main rivals that wound up their business in May.
10. The division of a market into identifiable groups (is described) as market segmentation.