Dating of stock option coffee company dating
New rules under the Sarbanes-Oxley Act have reduced the practice to 10% of the companies granting options.Only 7.7% of companies filing within the new two-day reporting window for options grants show a pattern of backdating, compared to 19.9% of companies that did not meet the requirements.
"We are responsible, Mike and I are the CEOs and we don't duck it.
We put our money on the table and we stand behind it," Mr. The company said its executives will also repay all the benefit they received from options that were incorrectly priced. Balsillie said his own obligation will be "far, far less" than the $5-million he has volunteered to pay to cover the investigation costs.
Stock option backdating has erupted into a major corporate scandal, involving potentially hundreds of publicly-held companies, and may even ensnare Apple's icon, Steve Jobs.
While the focus of the Securities and Exchange Commission ("SEC") centers on improper accounting practices and disclosures, thereby violating securities laws, a major yet little explored consequence to the scandal involves potentially onerous taxes on those who received these options.
Typically, the grant date of the stock options is the same as the date of the board meeting.
This is important to note, because the grant date is what determines the exercise price on the options.
He said it was an error due to a misunderstanding of accounting rules. executives and directors have resigned or been fired after internal reviews of options backdating problems. The company hopes to put its stock options issues in the past, but regulators say they are continuing to probe RIM's options practices. "When a company does an internal review, that helps speed our process, but it's not a substitute for our process," one U. RIM also announced it has appointed two new independent directors and is searching for two others. Balsillie and co-CEO Mike Lazaridis will pay -million each to cover the company's costs of investigating the options problems.
The admission makes RIM the first major Canadian company to get caught up in an options backdating scandal that has swept through the United States, leading to charges against some executives and forcing billions of dollars in earnings to be restated. The special committee report said all option grants, except those to the co-CEOs, were made under Mr.
S.) accounting charge because of major problems with stock option grants. Backdating occurs when companies look backward to pick a favourable date in the past to grant options. "We'll be paying particular attention to the question of whether the corporate governance changes disclosed today constitute meaningful reform and whether they are adequate to prevent problems of this nature in the future," he said.Tags: Adult Dating, affair dating, sex dating