Google says they have no back-dating option issues
Google Inc. Chief Executive Officer Eric Schmidt said on Friday that his company had none of the stock option pricing problems that have been uncovered at nearly 60 other U.S.-listed companies.
At Google we have no back-dating issues, Schmidt told a group of reporters on the sidelines at the annual media executive retreat taking place here this week.
The U.S. Securities and Exchange Commission, a California task force and federal prosecutors in New York, New Jersey and Massachusetts are probing almost 60 companies - many of them from Silicon Valley - to determine if they may have manipulated the prices of stock options to top executives.
The top executive of the world's largest Web search company said in response to a reporter's question that he sees no fallout on the use of stock options in general as a tool for motivating high-tech employees in high-growth companies.
I have not seen any change. People still want options, Schmidt said. The options thing is a separate issue having to do with what is the regulation.
We grant options on a date certain, so there is no back-dating possibility, he emphasized. My guess is that is how you solve the problem.
(Reporting by Kenneth Li in Sun Valley)
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