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Activision Execs Blameless
Special committee find executives blameless for stock rigging scheme, but others cited at various levels within top U.S. publishing company.
Date: Friday, March 09, 2007
Author: James Fudge

Activision announced on Thursday that an internal review of its stock options grant practices found no intentional wrong doing on the part of chief executive officer Robert Kotick, three other executives and board members.

The special committee also recommended that 10 current and former officers should return economic benefits resulting from the misdating and mispricing of stock options. These four individuals include the outgoing head of human resources, former heads of finance and legal departments and a former outside legal advisor. The special committee found that these four bore "significant responsibility” for the problems with options grants. Activision also said Thursday that it plans to engage new outside legal advisors and boost its corporate governance practices by creating the post of principal compliance officer.

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