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An Investor Guide to the Stock Option Timing Scandal

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... used herein under license. Rev., July 2006. An Investor Guide to the Stock Option Timing ... company retroactively sets the exercise price for a stock option to an earlier date. If the stock was trading at a ...

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RevRev.Rv. 2099 GAITHER ROAD SUITE 501 ROCKVILLE, MD • 20850-4045 (301) 556-0500 FAX (301) 556-0486 WWW.ISSPROXY.CO M Copyright © 2006  by Institutional Shareholder Services. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording,  or any information storage and retrieval system, without permission in writing from the publisher. Requests for permission to make copies of any part of this work should be sent to: Institutional Shareholder Services Marketing Department 2099 Gaither Road Rockville, MD 20850 ISS is a trademark used herein under license. Rev., July 2006. An Investor Guide to the Stock Option Timing Scandal 1 For years, institutional investors have complained about the excessive pay packages received by top executives at underperforming U.S. companies. In many cases, shareholders had trouble tracking what was happening because of inadequate corporate disclosure of equity incentives, retirement benefits,  perks, and change-in-control payments. In response to these growing complaints, the U.S. Securities and Exchange Commission in January unveiled a set of new pay disclosure rules. This proposal was hailed as a positive step to improve transparency and underscore the duty of directors to ensure that corporate assets are used wisely. However, this sense of optimism faded after March 18 when The Wall Street Journal questioned the timing of stock option grants at UnitedHealth and five other companies. Within weeks, the SEC and federal prosecutors were scrutinizing option grants at dozens of technology and health-care companies. By mid-June, more than 50 firms had disclosed criminal, regulatory, or internal investigations into whether they backdated or otherwise manipulated the timing of stock option grants to maximize compensation for senior executives. As the numbe ...

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