Feeds

SEC targets Google director over Pixar options backdating

Schmidt comes out in support of Mather

Internet Security Threat Report 2014

Google Inc senior director Ann Mather is facing a potential legal battle with the US Securities and Exchange Commission (SEC) for alleged stock options abuses that occurred during her tenure as CFO at Pixar Animation Studios.

According to documents filed by the SEC yesterday, Mather, who joined the Google board in November 2005, is accused of "violation of federal securities laws related to certain stock option transactions" when she oversaw the Pixar books between 1999 and 2004.

Google was quick to disclose that its director faced a possible nasty legal spat with the SEC. The internet search engine giant’s chairman Eric Schmidt, in a show of togetherness, said that the firm supports Mather’s re-election to its board at Google’s annual meeting next week.

"We have the utmost confidence in Ann's integrity as well as her abilities as a director," said Schimdt in a statement.

The SEC told Mather, who currently chairs Google’s audit committee, that staff at its Los Angeles agency will recommend a civil complaint be filed against her for alleged mishandling of stock options at Emeryville-based Pixar, which was bought by Walt Disney Co. in 2006.

Last year Disney admitted that some of Pixar’s stock options had been rejigged, but said no one currently associated with the company – including Apple boss Steve Jobs, who serves on the firm’s board – was guilty of improper backdating.

In April 2007 the SEC accused Apple's former top lawyer of fraudulently backdating options to under-report company expenses by $40m. Jobs was cleared by the company’s board of directors, who concluded that he didn’t understand the accounting implications.

Options backdating is not an illegal practice as long as the adjustments are disclosed to shareholders and the relevant authorities. ®

Beginner's guide to SSL certificates

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.