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What are backdating scandals

However, it can be permissible under certain circumstances.

For instance, one may backdate an insurance claim if there was an unavoidable delay between the date the insured event occurred and the day the claim was made.

Today, we’re used to the fact that Apple can be both a shrewd business titan and a “force for good” in the world.

He was, after all, advertised as being a

He was, after all, advertised as being a $1-per-year CEO.

The investigations have resulted in fines and penalties, but have we dealt with the fundamental questions of governance and accountability?

When the matter makes court, Apple’s former general counsel pays $2.2 million to settle charges that she backdated stock options for Jobs, herself and others — and created fake paperwork to hide this fact.

In contrast, human resources executives, key decisionmakers and gatekeepers in the executive compensation process, are not regulated directly under the securities laws.

Considering the breadth and seriousness of the backdating scandals, the time may have come for Congress to consider enabling legislation to authorize the SEC through rulemaking to prescribe standards of conduct applicable to all executives in public companies, or at least those involved in executive compensation.

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He was, after all, advertised as being a $1-per-year CEO.The investigations have resulted in fines and penalties, but have we dealt with the fundamental questions of governance and accountability?When the matter makes court, Apple’s former general counsel pays $2.2 million to settle charges that she backdated stock options for Jobs, herself and others — and created fake paperwork to hide this fact.In contrast, human resources executives, key decisionmakers and gatekeepers in the executive compensation process, are not regulated directly under the securities laws.Considering the breadth and seriousness of the backdating scandals, the time may have come for Congress to consider enabling legislation to authorize the SEC through rulemaking to prescribe standards of conduct applicable to all executives in public companies, or at least those involved in executive compensation.The SEC uses disgorgement and injunctions from serving in public companies, but the wave of stock options abuses suggests a need for more prescriptive measures to help avoid governance breakdowns and instill top-down accountabilities.These measures could be achieved through the use of annual certifications from executives overseeing compensation to auditors, attesting that during the year there was no self-dealing, use of position of authority for personal gain, and that the documentation presented to the compensation committee of the board of directors represented a true and accurate account of the company’s program.The public perceived Apple as the “good” underdog in tech, as opposed to other presumably “bad” companies.During his March 18, 2008, deposition, taken at Apple’s Cupertino HQ, Jobs said, “It wasn’t so much about the money.” Instead, he said it was more about being “recognized by his peers.” He said he “felt like there is nobody looking out for me, you know.” But it didn’t necessarily appear that way to onlookers.That can mean a nice bonus if the company increased in value., which broke the backdating story, Jobs’ award of 7.5 million shares got approved at Apple’s August 29, 2001, board meeting. However, Jobs continued to argue over the point at which the options would vest.

-per-year CEO.

The investigations have resulted in fines and penalties, but have we dealt with the fundamental questions of governance and accountability?

When the matter makes court, Apple’s former general counsel pays .2 million to settle charges that she backdated stock options for Jobs, herself and others — and created fake paperwork to hide this fact.

In contrast, human resources executives, key decisionmakers and gatekeepers in the executive compensation process, are not regulated directly under the securities laws.

Considering the breadth and seriousness of the backdating scandals, the time may have come for Congress to consider enabling legislation to authorize the SEC through rulemaking to prescribe standards of conduct applicable to all executives in public companies, or at least those involved in executive compensation.

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