Option backdating and managerial compensation


31-Dec-2017 15:00

Plus, Gearon got options - worth some .5 million a year and a half later - to acquire 6.7 percent of ATC South America.(Hess's options allowed him to acquire 1.6 percent of ATC South America.) And you learn about another entity, ATC Mexico.Last May the company announced that a special committee of independent directors was reviewing its option-granting practices; in September, American Tower said it will have to restate more than three years of financial results.

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Afterward Gearon collected .2 million, much of it in American Tower stock that has since more than tripled.New research (July 2006) by Eric Lie and Randall Heron found that 29.2% of companies issuing options to executives and/or directors between 19 have grant date patterns that suggest backdating or other manipulative practices (such as "spring-loading," the announcement of a grant before good news is released), and 23% of options issued to executives appear to have been backdated or spring-loaded.