Define backdating options 0180 telefon dating line
Very recently, we enacted new rules that will require, beginning with the next proxy season, the full disclosure of all aspects of executive and director pay and benefits.
The SEC has been after the problem of abusive options backdating for several years.
As a preliminary step in explaining the Commission's response to the problem of fraudulent options backdating, it would be useful to put the whole topic of options compensation into some perspective.
As you know, during the last year the Commission has been intensely focused on the quality of disclosure of executive compensation.
I will let Chairman Olson speak to the steps the PCAOB is taking to address these issues from the auditing regulator's perspective, but I'd like to assure the Committee, and the public, that the Commission is working in close cooperation with the PCAOB in this important area. But here is a typical example of what some companies did: They granted an "in-the-money" option-that is, an option with an exercise price lower than that day's market price.
They did this by misrepresenting the date of the option grant, to make it appear that the grant was made on an earlier date when the market value was lower.