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Biotech / Medical : sciclone pharmaceuticals
SCLN 11.150.0%Oct 20 5:00 PM EST
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To: Captain Jack who wrote (1017)12/20/2001 12:46:29 PM
From: Skywatcher  Read Replies (3) of 1137
 
S.E.C. Widens Rule Covering
Stock Options

By STEPHANIE STROM

To the surprise of shareholder advocates, the
Securities and Exchange Commission voted
unanimously yesterday for far greater disclosure of
corporate stock option plans.

Advocates of better corporate governance have
long complained that the true impact of options on
profitability and shareholder value has been
obscured in financial reports. Many big companies
have opposed additional disclosure but may have
softened recently out of fear they might be forced
to take harsher steps, like accounting for options
as an expense.

Under the new rule, companies will have to disclose stock option plans that have not been approved by
shareholders and, in many cases, are not accounted for on corporate proxy statements. They are already
supposed to disclose approved plans.

"The change is a good one for investors and will hopefully shed some sunlight on company activities regarding
nonapproved plans," said Ann Yerger, director of the Council of Institutional Investors.

The move may also signal a charm offensive by Harvey L. Pitt, the new S.E.C. chairman. Many shareholders
and their representatives have been wary of Mr. Pitt, a lawyer who once represented many of the companies
he is now charged with policing.
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