Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Home
Business
Business Home
Economy
Technology
Media
Small Business
Legal
Deals
Earnings
Social Pulse
Business Video
The Freeland File
Markets
Markets Home
U.S. Markets
European Markets
Asian Markets
Global Market Data
Indices
M&A
Stocks
Bonds
Currencies
Commodities
Futures
Funds
peHUB
World
World Home
U.S.
Brazil
China
Euro Zone
Japan
Mexico
Russia
India Insight
World Video
Reuters Investigates
Decoder
Politics
Politics Home
Election 2012
Campaign Polling
Tales from the Trail
Political Punchlines
Supreme Court
Politics Video
Tech
Technology Home
MediaFile
Science
Tech Video
Tech Tonic
Social Pulse
Opinion
Opinion Home
Chrystia Freeland
John Lloyd
Felix Salmon
Jack Shafer
David Rohde
Bernd Debusmann
Nader Mousavizadeh
Lucy P. Marcus
David Cay Johnston
Bethany McLean
Anatole Kaletsky
Edward Hadas
Hugo Dixon
Ian Bremmer
Lawrence Summers
Susan Glasser
The Great Debate
Steven Brill
Jack & Suzy Welch
Frederick Kempe
Christopher Papagianis
Mark Leonard
Breakingviews
Equities
Credit
Private Equity
M&A
Macro & Markets
Politics
Breakingviews Video
Money
Money Home
Tax Break
Lipper Awards 2012
Global Investing
MuniLand
Unstructured Finance
Linda Stern
Mark Miller
John Wasik
James Saft
Analyst Research
Alerts
Watchlist
Portfolio
Stock Screener
Fund Screener
Personal Finance Video
Money Clip
Investing 201
Life
Health
Sports
Arts
Faithworld
Business Traveler
Entertainment
Oddly Enough
Lifestyle Video
Pictures
Pictures Home
Reuters Photographers
Full Focus
Video
Reuters TV
Reuters News
Article
Comments (0)
Follow Reuters
Facebook
Twitter
RSS
YouTube
Read
Mormons quit church in mass resignation ceremony
30 Jun 2012
Three central banks take action in sign of alarm
3:29pm EDT
Judge who shelved Apple trial says patent system out of sync
8:42am EDT
In California, immigration bill designed as the "anti-Arizona"
04 Jul 2012
Japan's atomic disaster due to "collusion:" panel report
1:55pm EDT
Discussed
255
In California, immigration bill designed as the ”anti-Arizona”
115
Insight: ”Green Fleet” sails, meets stiff headwinds in Congress
105
Scientists to unveil milestone in Higgs boson hunt
Watched
Scientists see dengue cure with antibody discovery
11:07am EDT
Turkey releases new images of downed plane
1:35pm EDT
3XSQ: China cuts, BOE stimulus, ECB cuts
9:59am EDT
Pictures
Reuters Photojournalism
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption
Arafat's Legacy
A look at the life and legacy of Palestinian leader Yasser Arafat. Slideshow
Space odysseys
From the scientists on the ground to stunning views from space, a look at man's continuing exploration into the final frontier. Slideshow
Proxy advisor withholds support for RIM board member
Tweet
Share this
Email
Print
Related News
RIM shares drop after minor board shuffle
Fri, Jun 15 2012
Chesapeake board nears decision on chairman: director
Tue, Jun 12 2012
Analysis & Opinion
Whack ‘em with a board!
Do women hold the key to having it all?
Related Topics
Tech »
A logo of the Blackberry maker's Research in Motion is seen on a building at the RIM Technology Park in Waterloo April 18, 2012.
Credit: Reuters/Mark Blinch
TORONTO |
Thu Jul 5, 2012 5:22pm EDT
TORONTO (Reuters) - Investors in Research In Motion Ltd should not re-elect one-time lead director John Richardson to the board of the struggling BlackBerry maker at Tuesday's annual meeting, proxy advisory firm Glass Lewis said.
The advice repeats a long-standing Glass Lewis concern that Richardson failed to properly oversee the provision of stock options to RIM employees, which were erroneously back-dated over an eight-year period.
Senior executives paid millions of dollars to settle regulators' charges relating to the stock options, and the company restated $250 million of earnings in late 2006 and early 2007.
"We hold this director accountable for the poor oversight that eventually led to restatement," Glass Lewis said in its report, which was dated June 26, but not previously made public.
Richardson, an accountant who has headed several insurance companies and trade bodies, has been a RIM director since 2003 and was lead director from 2007 until earlier this year.
RIM was not immediately available for comment on the Glass Lewis report.
Tuesday's annual meeting in RIM's hometown of Waterloo, Ontario, gives RIM shareholders a platform to vent their frustrations with the company, which in the last year has shed almost three-quarters of its market value amid dismal earnings, product delays and service failures.
Glass Lewis also opposed Richardson's re-election last year. He received 90 percent of votes in favor, a strong majority but the smallest margin of any board member.
Glass Lewis said it had no concerns about the other nine board members RIM is proposing, including Chairwoman Barbara Stymiest, a former bank executive, and Chief Executive Thorsten Heins.
RIM has drastically changed its executive and board structure since its last annual meeting, where it fended off a call from disgruntled investors to split the CEO and chairman's roles, then shared by Mike Lazaridis and Jim Balsillie.
The pair have since stepped down from both roles, and Balsillie has left the board. Lazaridis remains as a vice-chairman and head of an innovation committee.
Value investor Prem Watsa bought a large stake in RIM and won a board seat in January, at the same time that Stymiest took over as chairwoman and Heins became chief executive.
Financier Timothy Dattels joined last month, soon after RIM said it had hired investment bankers for a strategic review of its business model aimed at new partnerships and licensing deals. RIM has not ruled out a sale of the company.
Glass Lewis said it was encouraged by the changes, but was "somewhat surprised to see that none of the new additions have expertise in technology or significant knowledge of the industry," given the departure from the board of a former executive of Spanish mobile-phone operator Telefonica SA.
RIM said Antonio Viana-Baptista left the board last month to concentrate on his role as CEO of Credit Suisse in Iberia.
RIM's stock closed almost 5 percent higher on Thursday at C$7.81 on the Toronto Stock Exchange and $7.69 on Nasdaq. At a recent peak in February 2011, the shares changed hands at around $70.
($1=$1.01 Canadian)
(Reporting by Alastair Sharp in Toronto; Editing by Janet Guttsman; and Peter Galloway)
Tech
Related Quotes and News
Company
Price
Related News
Tweet this
Link this
Share this
Digg this
Email
Reprints
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (0)
Be the first to comment on reuters.com.
Add yours using the box above.
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Back to top
Reuters.com
Business
Markets
World
Politics
Technology
Opinion
Money
Pictures
Videos
Site Index
Legal
Bankruptcy Law
California Legal
New York Legal
Securities Law
Support & Contact
Support
Corrections
Connect with Reuters
Twitter
Facebook
LinkedIn
RSS
Podcast
Newsletters
Mobile
About
Privacy Policy
Terms of Use
AdChoices
Copyright
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electronic trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
Thomsonreuters.com
About Thomson Reuters
Investor Relations
Careers
Contact Us
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.