Corporate Governance
Good corporate governance - pointing out corporate directors who should and shouldn't be elected anywhere. This is my attempt to keep track of good people for board of directors and keep track of people who should be avoided.Sunday, January 07, 2007
Apple stock options
Steve Jobs seems to have been caught playing stock option games, and has been working the press releases extremely well.
Quoting from TheStreet.com
>Though Jobs received two backdated grants, the Cupertino, Calif., company insists he didn't "financially benefit from these grants or appreciate the accounting implications."
>Of course, Jobs didn't financially benefit from the grants primarily because they were canceled and replaced in 2003 with 5 million restricted shares. That move was unveiled in a press release titled "Apple Enhances Corporate Governance."
>It is becoming clear just how badly Apple's governance needed enhancing. Apple had reported that a backdated option grant to Jobs was approved at a special board meeting on Oct. 19, 2001. But a hole or two has since developed in that story.
>"Such a special board meeting," Apple admits in its latest 10-K filing, "did not occur."
>Small problem. And though Jobs was a member of the board at the time, Apple insists "there was no evidence ... that any current member of management was aware" that the purported approval came at a meeting that never happened.
And who's on this Board of Directors?
Bill Campbell
Chairman and former CEO
Intuit Corp.
Millard Drexler
Chairman and CEO
J. Crew
Albert Gore Jr.
Former Vice President of the United States
Steve Jobs
CEO, Apple
Arthur D. Levinson, Ph. D.
Chairman and CEO
Genentech
Dr. Eric Schmidt
CEO
Google
Jerry York
Chairman, President and CEO
Harwinton Capital
Quoting from TheStreet.com
>Though Jobs received two backdated grants, the Cupertino, Calif., company insists he didn't "financially benefit from these grants or appreciate the accounting implications."
>Of course, Jobs didn't financially benefit from the grants primarily because they were canceled and replaced in 2003 with 5 million restricted shares. That move was unveiled in a press release titled "Apple Enhances Corporate Governance."
>It is becoming clear just how badly Apple's governance needed enhancing. Apple had reported that a backdated option grant to Jobs was approved at a special board meeting on Oct. 19, 2001. But a hole or two has since developed in that story.
>"Such a special board meeting," Apple admits in its latest 10-K filing, "did not occur."
>Small problem. And though Jobs was a member of the board at the time, Apple insists "there was no evidence ... that any current member of management was aware" that the purported approval came at a meeting that never happened.
And who's on this Board of Directors?
Bill Campbell
Chairman and former CEO
Intuit Corp.
Millard Drexler
Chairman and CEO
J. Crew
Albert Gore Jr.
Former Vice President of the United States
Steve Jobs
CEO, Apple
Arthur D. Levinson, Ph. D.
Chairman and CEO
Genentech
Dr. Eric Schmidt
CEO
Jerry York
Chairman, President and CEO
Harwinton Capital
posted by Larry Diamond # 8:58 AM 
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