RIM directors Kendall Cork, Douglas Wright, and James Estill were reprimanded and must take a course on the duties of directors and officers. The ranking notes that the pair's fortunes more than doubled in 2008 "thanks to the strength of RIM's stock and a 3-for-1 stock split." RIM shares trade in Canada and the U.
Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers. Balsillie ranked 327th on a list of the world's billionaires published by magazine last year, with a net worth of $3.4 billion (U. Lazaridis was 296th with a fortune estimated at $3.6 billion (U. S.' figures were calculated according to stock prices and exchange rates on Feb. That month, share prices on both sides of the border hovered around $100.
Fourth, we proceed to an analysis of good corporate governance practice involving backdating options based on a series of ethical standards including: (1) trustworthiness; (2) utilitarianism; (3) justice; and (4) Kantianism.
We conclude that while executive compensation schemes (e.g., stock options) were originally intended to help remedy the agency problem by tying together the interests of the executives and shareholders, these schemes may have actually become “part of the problem,” and that the solution ultimately depends upon whether directors and executives accept that all of their actions must be based on a set of core ethical values.
OSC commissioner James Turner, speaking for the panel yesterday, said it was "shocking" that backdating went on for so long.