Proxy advisory firm Glass Lewis says that investors in Research In Motion should not re-elect one-time lead director John Richardson to the board. Glass Lewis believes Richardson failed to properly oversee the provision of stock options to RIM employees, which were erroneously back-dated over an eight-year period.
“We hold this director accountable for the poor oversight that eventually led to restatement,” Glass Lewis said in its report. Senior executives had paid millions of dollars to settle regulators’ charges relating to the stock options. RIM then restated $250 million of earnings in late 2006 and early 2007.
Investors will be able to vote for the board members at RIM’s annual meeting in Waterloo. 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.