CEO Glenn Renwick

Read the daily newspaper or watch any mainstream news show on television and it seems clear that America’s concept of the corporation is under attack. In April this year much was made about reports that a majority of corporations are not paying taxes and everyone is familiar about the scandals of stratospheric executive salaries and bonuses of those who work for companies now asking for government bailout. Following the scandals of Enron,Tyco, and Adelphia among others, the Congress passed a law called the Sarbanes-Oxley Act in 2002 which was supposed to prevent corporate mismanagement. The main problem at that time was that the record ... Read Full Story

With the recent spike in options backdating scandals, the time has come to shift attention to advocating for bona fide improvements in the governance and oversight of executive compensation programs. Reforms are needed to protect against self-dealing by unscrupulous human resources, finance, legal and other executives involved in long-term incentive programs. Chief executive officers and chief finance officers, and in-house corporate lawyers are regulated by the Securities and Exchange Commission through the certification process of SOX 302 and the reporting-out duties in SOX 307, respectively. Outside directors have federal statutory and state common law oversight duties. In contrast, human resources executives, key decisionmakers and ... Read Full Story

The Securities and Exchange Commission filed civil injunctive actions against the former chief financial officer and former controller of Engineered Support Systems, Inc., respectively, alleging that they perpetrated a six-year fraudulent options backdating scheme. The action alleges they granted in-the-money stock options to themselves and to other officers, employees, and directors, without proper disclosure. The allegedly unlawful comp is approximately $20 million, $15 million of which was realized by top executives and directors. The complaint alleges certain instances where the company changed dates on the option issuance twice with intent to pick the lowest value of the stock for the year and maximize profits. ... Read Full Story

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