Meat processor Tyson Foods has said it has agreed to settle an SEC
case against the company regarding the disclosure of payments to
executives. The SEC alleged that the company's proxy statements for
the fiscal years from 1997 to 2003 had failed to comply with SEC
regulations with respect to the disclosure and description of payments
totaling around $1.7 million to Don Tyson, former senior chairman of the
company. The notice also alleged that Tyson Foods had failed to maintain
an adequate system of internal controls regarding the personal use of
company assets and the disclosure of payments and personal benefits. In
addition, Don Tyson received notice the staff intended to recommend that
the SEC bring a similar civil enforcement action against him. Tyson
Foods said that it had proposed the company, without admitting or
denying wrongdoing, would pay a civil penalty of $1.5 million, while Don
Tyson, also without admitting or denying wrongdoing, would pay a civil
penalty of $200,000.
Printer friendly
Cite/link
Email
Feedback