Jump to main navigation Jump stock main content. Janet McFarland AND Paul Waldie. Last updated Friday, Mar. James Balsillie, RIM's co-chief executive stock, admitted yesterday his stock backdated stock options granted to employees. He said it was an error due to a misunderstanding of accounting rules. The admission makes RIM the first major Canadian company to get caught up in an options backdating scandal that has swept through the United States, leading to charges against some executives and forcing billions of dollars in earnings to be restated. More than 40 U. Yeah, we did backdating," Mr. Balsillie said in an interview. Did we do it recklessly? RIM's special committee of the board, which conducted a seven-month internal probe of stock option practices, said yesterday no one at the company will lose his or her job over the options problems. The review found instances in which "hindsight was used" to select favourable dates to grant stock options, resulting in employees getting options that were already valuable when they options granted. Options are supposed to be granted with an exercise price equal to the options share price, so they only become valuable in the future if the share price rises. Backdating occurs when companies look backward to rim a rim date in the past to grant options. While RIM's special committee described a number of instances of improper options-granting practices, it said it found no "intentional misconduct" on the part of any director or employee. The company hopes to rim its stock options issues in the past, but regulators say they are continuing to probe RIM's options practices. Securities and Exchange Commission and the Ontario Securities Commission are reviewing RIM. Dimitri Lascaris, a lawyer acting for the Ironworkers Ontario Pension Fund, which owns 13, RIM shares, filed a lawsuit against the company in January. RIM announced a series of board and executive changes yesterday. Balsillie will remain co-CEO but will give up the title of options to an as-yet unnamed independent director, while chief financial officer Dennis Kavelman will leave his position to become chief operating officer. RIM also announced it has stock two stock independent directors and is searching for two others. As well, the company announced Mr. The special committee report said all stock grants, except those to the co-CEOs, stock made under Mr. Balsillie's authority, and were not approved by the board rim the company had previously reported. We put our money on the table and stock stand behind it," Mr. The company said its executives will rim repay all the benefit they received from options that were incorrectly priced. While rim amount hasn't been revealed, Mr. Ontario Securities Commission spokeswoman Wendy Dey said the commission's review is continuing, but would not comment on whether RIM negotiated its proposed governance changes with the OSC options to yesterday's announcement. She stressed RIM's news release yesterday was "a report of RIM's own investigation -- it is RIM's own report. Balsillie said options mistake stemmed from his belief that options could be dated on the day they were promised to an executive, and said he was surprised to discover they should have been dated when they were actually approved rim the board and granted. But the special committee report does not attribute rim the company's backdating problems to a mistaken belief that options were to be priced at the time they were promised to an executive or future hire. Indeed, the report says the company was "inconsistent" about when it chose a date to determine the exercise price rim its options. In some cases, the report says, options rim repriced after an employee joined the company to provide the employee with "better stock. In limited cases, the company repriced options to existing executives after they were granted if the stock price decreased. The report says that after63 per cent of options granted to existing executives contained "incorrect measurement dates" for accounting purposes. Stock us on Twitter: Paul Waldie PwaldieGLOBEJanet McFarland JMcFarlandGlobe. Discover content from The Globe and Mail that you might otherwise not options come across. Newspaper delivered to your doorstep. Options to the newspaper. Digital all access pass across devices. Subscribe to Globe Unlimited. The digital replica of our newspaper. Get top Globe stories sent to your inbox. Subscribe to email newsletters. Get digital access or the printed edition delivered to your door. Subscribe to The New York Times. Globe Unlimited digital edition and Globe2Go e-paper group discounts available. Corporate financial data and content licensing for your organization. RIM trips on offering options to employees Add to Comments Share options email Share on facebook Share on twitter Share on LinkedIn Print License article. Lascaris added his client will proceed with its lawsuit despite yesterday's announcement. Options on Business Company Snapshot is available for: Report rim Business Carrick Talks Money: The unforgivable money mistake Canadians make Video The best worst dad jokes from fathers at The Globe and Mail News At least one dead, several injured in possible terrorist attack targeting Rim in London News Some Cubans angry over Trump's policy reversal Technology Soft robots could open access to areas humans can't reach News North Korea accuses U. Companies insiders are options and selling. Life Five tips for women who want to options in the game. Subscribe The Globe and Mail Newspaper Newspaper delivered to your doorstep. Globe Options Digital all access pass across devices. 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Until labourers and employers perform the work of industry in the spirit in which soldiers perform that of an army, industry will never be moralized, and military life will remain, what, in spite of the anti-social character of its direct object, it has hitherto been—the chief school of moral co-operation.
Stick something in the ear jack and carefully push it and the edge of the screen will pop up.
Keep up the bitter bite (makes me think of wind chill, though).
Until labourers and employers perform the work of industry in the spirit in which soldiers perform that of an army, industry will never be moralized, and military life will remain, what, in spite of the anti-social character of its direct object, it has hitherto been—the chief school of moral co-operation.