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Steve Jobs, chief executive of Apple Computer, was handed 7.5 million stock options in 2001 without the required authorization from the company’s board of directors, according to people familiar with the matter.
Records that purported to show a full board meeting had taken place to approve Mr.
Jobs’ remuneration, as required by Apple’s procedures, were later falsified.
These are now among the pieces of evidence being weighed by the Securities and Exchange Commission as it decides whether to pursue a case against the company or any individuals over the affair, according to these people.
SAN FRANCISCO (Market Watch) -- Steve Jobs has managed to revolutionize both the consumer electronics and entertainment industries, but the onetime wunderkind can't seem to shake the stigma of the stock-options backdating scandal that enveloped Silicon Valley in recent years.
This week, another former confidante to Jobs came under the microscope of federal regulators.
In other words, there seem to be an awful lot of people around Steve Jobs who have allegedly had problems linked to the backdating of stock options. Jobs is the prodigal son credited with saving Apple, which he co-founded in 1976 with Steve Wozniak, by turning a then-struggling Silicon Valley icon into a consumer-electronics powerhouse after his triumphant return in 1996.
The turnaround was masterful; in fact, it's now the subject of business-school case studies.
Apple’s lawyers have briefed people involved in the case on the findings of the company’s internal review of the matter, though it remains unclear how much detail will be included in the filing.
Under Apple’s rules, the chief executive’s remuneration must be set by a compensation committee of independent directors and later authorized by the full board.
An Apple spokesman refused to comment on the matter on Wednesday, but said the company had handed the findings of its internal enquiry to the SEC.
The company said in October that it had found “no misconduct by any member of Apple’s current management team,” but that its investigation “raised serious concerns regarding the actions of two former officers.” At the same time, it also announced the resignation from its board of Fred Andersen, a former chief financial officer. Andersen had not been a director at the time of the 2001 options grant.
Backdating is legal so long as it is disclosed correctly.Tags: Adult Dating, affair dating, sex dating