Feeds

BlackBerry bosses settle share option row

Directors banned, sent for reeducation

Business security measures using SSL

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.®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.