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Plan Management Corp.

Plan Management Corp., the developer of OptionTrax stock option administration software, has brought out new features and functionality to combat stock option backdating and to provide auditable tools for public company finance departments, boards of directors and independent public accountants.

"Even today, we estimate that 50 percent of public companies are still using spreadsheet-based procedures to administer part or all of their equity incentive plans," said Jonathan Miller, president of Ardmore, Pa.-based Plan Management, in an announcement. "This creates an environment where data entry is difficult to audit and systems are open to manipulation."

New features in OptionTrax include:

* Plan analysis tools that highlight and alert users and auditors to possible backdating and suspicious option grant activity;

* User tools that enable easy audit and verification of stock option grant dates and grant prices;

* A secure online portal where the board of directors' compensation committee members can oversee the formal stock option program and review stock option grants;

* An audit report that informs the board of directors and independent public accountants in the event that stock option grant dates are changed after the grant date, differ from the approved grant date or when grants are issued to Section 16 insiders;

* Accountability tools that require certification that the stock option grant date and amount coincide with applicable board resolutions; and

* Tracking tools such as an online library where board resolutions and stock option plan documents can be securely archived.

In addition to these new corporate governance features, OptionTrax provides what it calls a "user-friendly Web-based equity plan administration package" that enables corporate finance or HR departments to manage options, warrants, restricted stock and restricted stock units.

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Publication:Financial Executive
Date:Nov 1, 2006
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