Brocade stock backdating

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Many privately held companies rely on an HM Revenue and Customs-agreed valuation to fix a market value option price, typically for Enterprise Management Incentive ("EMI") option.These HMRC agreed valuations usually remain valid for 30 days only.News of the action against the former Brocade executives comes after last week’s announcement that dozens of Silicon Valley companies are under investigation by the US Attorney General’s office for alleged stock option backdating. As part of Computer Weekly’s 40th anniversary celebrations, we are asking our readers who and what has really made a difference.Vote for your IT greats Who have been the most influential people in IT in the past 40 years?

Even for privately held companies the scope to backdate an option grant is very limited indeed.The US Securities and Exchange Commission (SEC) is taking action against Gregory Reyes, Brocade's chief executive until 2005, Stephanie Jensen, its former vice-president of human resources, and Antonio Canova, the company's former chief financial officer.The SEC said it had more than 80 similar active investigations into possible stock option backdating nationwide.When they don't they simply adopt the stock exchange's own rules.These rules say that options can't be granted when executives have access to unpublished price-sensitive information.

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