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Posted by / 19-May-2016 05:39

Steve jobs back dating options

As he enters the pantheon of great business leaders, it is hard to argue against his vision of the purpose of the corporation, given his remarkable success in carrying it out.Future debates on this fundamental subject must put Jobs’ conception at center stage.They’ll tell you the department is well-intentioned and talented, but criminally understaffed and toothless.They took on Anderson and Heinen to set a high-profile example in the options scandal, which involves more than 100 companies. And the Justice Department, which may be looking into the Apple as well, is unlikely to either.The report caps a week that will probably be remembered as a milestone in the apotheosis of Steve Jobs.Looking past Apple’s earnings and its stock price, it’s getting harder and harder to pretend that Jobs didn’t violate securities law in the options-backdating scandal facing the company.One of the most recent and most trenchant critiques comes from Roger Martin, dean of the Rotman School of Management at the University of Toronto, in his book (Harvard Business Review Press 2011).

Obviously, Apple shareholders have done just fine, with Apple and Exxon Mobil today changing places back and forth as the U. Ten years ago, Apple was not even in the top 100 U. companies by market cap (B then; around 0B now).

Pressures from institutional investors for stock price increases, as well as stock-based compensation for executives, have led many business leaders to manage to the “expectations market” of the public stock exchanges.

This in turn has led to narrow short-termism, accounting manipulation, cutting of ethical and legal corners, failures to invest in the long-term, and to the financial crisis.

And dramatic increases have occurred in the last five years as the suite of Apple products gained popularity (with share price quadrupling in that period). Those, like Roger Martin, who argue that the purpose of the company should be to create goods and services that serve important customer needs — and to do so with efficiency, risk management and integrity — would further say that the long term shareholder value will follow, as it has in Apple’s case.

So, as people reflect on Steve Jobs’ legacy, surely one fundamental issue should be his attitude toward corporate purpose — with his devotion to customers, not shareholders, and his ability to withstand short-term pressures in the name of product excellence.

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He spent extra funds to ensure that the product was right (replacing plastic with glass on the i Phone, for example).