“He is not on the compensation committees of either of these companies, and therefore is not responsible for oversight of the compensation practices at these companies.As a result of concerns expressed earlier this year by several analysts, Mr.
“We would look to see where else a board member has served,” he added.(The Washington Post reported this week that that number had swelled to 135.) Through the end of last month, the number of companies being probed that have director-based links has grown even faster, from 11 to 51, according to the study, “The Spread of Options Backdating.” Twenty-seven of the 120 companies, in fact, have more than one dual-board director.Just three such companies popped up in the Corporate Library’s earlier study.The company issued a press release on May 22, 2006 stating that the company reviewed its process of granting options and did not find any irregularities,” the company stated in an E-mailed response to The Corporate Library’s report sent to on October 24.Declaring that it “strongly disagrees with the premise and findings of the report,” Novellus noted that Kurtz, who has been Novellus’s CFO since September 2005, is a member of the boards of Redback Networks and PMC Sierra (which were both named in the report) and chairs the audit committees of both companies.The company settled charges over its options practices with the US Securities and Exchange Commission in 2007 without admitting wrongdoing or paying a fine.In 2007, the SEC also filed fraud charges against Berry for her alleged role in the backdating scandal. On Thursday, Juniper Networks also said it has setup a new business group to create new applications for its Junos operating system and get more third-party developers in on the act as well.“We are looking at the interrelationship between directors on boards of companies that may have problems,” Timothy England, an SEC assistant director of enforcement, told the wire service in an interview.While SEC spokesperson John Nester told that the quote was accurate, he downplayed its importance.The two errors trigger other errors in the study, which presents tables listing numbers of directors with multiple board memberships that the Corporate Library considers to be implicated in the options-backdating scandal.“Novellus has not been implicated in any wrongdoing with regard to stock options backdating.