RIM stock scandal: the day after

Apart from the news of the 8300’s first appearance, RIM finally bringing their files to the table regarding their options granting practices and in turn having Jim Balsillie step down as Chairman was undoutedly the biggest news of Monday (and the week, more than likely).

I always like to check in with Waterloo’s “The Report” to see what local view they have on the company, and they definitely don’t disappoint this time around. They were able to grab some quotes from Balsillie regarding ownership over the stock snafu’s, and go in-depth into the whole debacle. Check it out.

“I’m not making any excuses,” Balsillie told The Canadian Press. “It’s on my watch, I’m responsible.

“We’re going to do everything in our power to do the right thing and make sure everything is as it should be.”

David Brown, a corporate-governance consultant in Ottawa, said those changes, especially the establishment of an internal audit department, are positive and long overdue for a company of RIM’s size.

“Every one of the changes they announced today is a good idea,” Brown said. “They’re in line with (best) practices in governance and, in fact, in many cases are catching up to what many companies in their league have already done.”

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