Bad apples
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[July 01, 2006]

Bad apples

(Daily Mail Via Thomson Dialog NewsEdge) IN a week marked by the extraordinary 'billanthropy' of Warren Buffett, it is disturbing to discover that corporate greed is far from dead in America.

The revelation that Steve Jobs of Apple, creator of the Mac and iPod, is caught up in the spreading share options scandal will be shocking to those who see the company as part of a new wave of ethical corporate endeavour.

The scandal that has now embroiled more than 50 American companies including such notable names as retailer Home Depot and United Health Group, centres on backdated options.

It is alleged that executives in the companies concerned rejigged the dates at which options were awarded so that when they vested, months and years later, they would reap bigger profits on share sales.

Many of the companies caught up in the affair are relatively new technology firms where much of the pay in early years took the form of options, rather than cash rewards.

Nevertheless, there must be real questions about governance in American boardrooms which allow executives to help themselves to resources that belong to the whole body of shareholders.

In the high-profile case of Steve Jobs, he thought better of it and cancelled the options. So no gains were made.

However, if US regulator the Securities and Exchange Commission finds that the allegations of backdated options stand up, it is possible that the executives involved could face a fraud scandal.

Although the affair is of a much lower profile than another recent Wall Street misbehaviour it will sharply refocus attention on the award of options.

In Britain the governance gurus have been seeking to rein in options abuse for some years. The US is now playing catch-up.

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