Apple admits to backdating options lds dating sevice

19-Jun-2017 22:53

Anderson said Jobs told him in late January 2001 that the board of directors had approved a grant date of January 2, 2001, for the executive team grant.

He also said that Jobs and Heinen later agreed to move that date forward to January 17 to avoid the perception that the company awarded the grants on the earlier date to take advantage of a post-Macworld rise in Apple's stock.

In its report, released at the weekend, Apple reiterated the independent committee's findings from October that, although Mr Jobs "was aware or recommended the selection of some favourable grant dates, he did not receive or financially benefit from these grants or appreciate the accounting implications".

Under Apple's rules at the time, that was fine as long as the stock price on January 17 was higher than the price on January 2, which it was.

Anderson said he advised Jobs in January that the options dates had to be priced as of the formal approval of the grant dates, or Apple could have to record an expense.

In a separate statement, the chairman of the special investigative committee, former US presidential candidate Al Gore, and Apple's audit and finance committee head, Jerome York, said: "The board of directors is confident that the company has corrected the problems that led to the restatement, and it has complete confidence in Steve Jobs and the senior management team." Apple is one of more than 160 US companies that have come under scrutiny for backdating options.

The scandal of backdating, by which the exercise price of share options is set with the benefit of hindsight at favourable levels, has led to the exit of several senior executives.

In its report, released at the weekend, Apple reiterated the independent committee's findings from October that, although Mr Jobs "was aware or recommended the selection of some favourable grant dates, he did not receive or financially benefit from these grants or appreciate the accounting implications".Under Apple's rules at the time, that was fine as long as the stock price on January 17 was higher than the price on January 2, which it was.Anderson said he advised Jobs in January that the options dates had to be priced as of the formal approval of the grant dates, or Apple could have to record an expense.In a separate statement, the chairman of the special investigative committee, former US presidential candidate Al Gore, and Apple's audit and finance committee head, Jerome York, said: "The board of directors is confident that the company has corrected the problems that led to the restatement, and it has complete confidence in Steve Jobs and the senior management team." Apple is one of more than 160 US companies that have come under scrutiny for backdating options.The scandal of backdating, by which the exercise price of share options is set with the benefit of hindsight at favourable levels, has led to the exit of several senior executives.Both sets of options were cancelled in March 2003 before they were exercised.