Feeds

BlackBerry bosses settle share option row

Directors banned, sent for reeducation

Eight steps to building an HP BladeSystem

The joint chief executives, president, chief financial officer and other board directors of Research in Motion - the firm behind BlackBerry - have settled a probe by Canadian regulators over the backdating of stock options.

RIM is listed in Ontario as well as on Nasdaq. It admitted in 2006 that investigators were checking share option grants dating back to 1996.

The directors must pay back money to RIM and also pay the Ontario Securities Commission (OSC) the cost of its investigation.

Four directors - chairman of the board and co-CEO Jim Balsillie, president and co-CEO Mike Lazaridis, CFO Denis Kavelman and vice president of finance Angelo Loberto will pay $92m in total for failing to properly oversee RIM's granting of share options.

Of this $92m, $38.3m goes to RIM to repay the benefits of backdated or repriced options, $44.8m to cover RIM's costs in investigating and sorting out the options mess, and $9.1m to the OSC to cover the costs of its investigation.

Dennis Kavelman is banned from sitting on any Canadian board for five years. Angelo Loberto is banned from holding directorships until he completes a course on the duties of directors of public companies.

Another four RIM directors - Kendall Cork, Douglas Wright, James Estill and Douglas Fregin are all expected to undergo similar re-education.

The OSC's full judgement is here.

In addition RIM has agreed to an independent review of its corporate governance practices.

RIM said it had made an offer to settle a similar probe by the US Securities and Exchange Commission. The firm said SEC staff were recommending it be accepted but the deal still needs approval from the Commissioners.

RIM said: it was glad the matter was settled and it hoped to soon announce a similar agreement with the SEC.®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.