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Last year, Apple restated its financial reports from 1997 to 2002 by million to cover options-related charges.
The SEC did not file charges against Wendy Howell, who reported to Heinen in Apple's legal department and who completed paperwork on an option award for Jobs in 2001.
“We’ve already learned that the problems are more than episodic,” SEC Chairman Christopher Cox told The Associated Press on Tuesday in response to questions.
“The apparently widespread nature of the problems is of serious concern” to the agency.
Jobs, Anderson said, told him not to worry because the board of directors had approved the maneuver.
Regulators said the action allowed Apple to avoid million in expenses.
The scandal has prompted some corporate-governance and shareholder groups to press for revisions to the pay disclosure proposal, which would require companies to disclose in far greater detail their executives’ pay and perks.
“By any reasonable standard, stock option backdating is unfair to shareholders who do not have the ability to retroactively purchase shares of stock at past market lows,” Richard Trumka, secretary-treasurer of the AFL-CIO, a major investor in public companies, wrote in a letter to the SEC on Wednesday.
Though Anderson might be bitter, Ebeling said, "I would give his statement credibility." At the same time, she said, the fact that the SEC investigation has proceeded thus far without charging Jobs is a good sign for the Apple chief executive.
By choosing an earlier date when the stock was lower, the options are instantly worth the difference between the strike price and current price.
While stock options are used as an incentive for executives to boost a company’s performance and stock price, improper backdating can mean that executives reap big profits with no relation to their individual performance.
Apple has not publicly released its investigation report.
Backdating stock options by choosing award dates when the stock price was low gives employees a financial edge by increasing the likelihood that they will profit when they sell the shares.