Spread of options backdating
“There’s no implication, there’s no third party,” says Schick.
“We’ve gone through a voluntary review, as many other companies have.
Any time a company sets a stock-option grant to a prior award date, it’s considered “backdating,” says Charles Elson, director of the Weinberg Center for Corporate Governance.
For instance, the report shows that, as a director, Neil Bonke serves as a link between the Novellus and Sanmina-SCI boards.“Whether the SEC finds a problem or a company finds it during their own investigation, it’s still the same problem,” Minow told “I would hope that as soon as the backdating issue arose out of that academic report or United Health [another company named in the survey] case, that every company started an investigation,” she said.Declaring that it “strongly disagrees with the premise and findings of the report,” Novellus noted that Kurtz, its CFO since September 2005, does not sit on the Novellus board but does chair the audit committees of Redback and PMC Sierra.“He is not on the compensation committees of either of these companies, and therefore is not responsible for oversight of the compensation practices at these companies,” Novellus said in the E-mail.