The Trustees of Ironworkers Ontario Pension Fund has entered into a definitive settlement agreement to resolve the previously disclosed application commenced by the Ironworkers with respect to Research In Motion’s historical option granting practices.
Pursuant to the settlement, RIM has agreed to adopt additional corporate governance measures to supplement the measures it announced in March of this year.
Under the settlement, each of the respondents to the application and each of the defendants in the proposed derivative action denied the allegations made against them by the Ironworkers.
The Ironworkers also have acknowledged the extraordinary success and shareholder value achieved by Research In Motion during the period covered by the allegations made by Ironworkers in its application, and that the additional corporate governance measures and the measures agreed to be adopted by RIM sufficiently and appropriately address Ironworkers’ stated concerns regarding RIM’s compensation practices.
The settlement is subject to approval by the Ontario Superior Court of Justice. A settlement approval hearing has been scheduled to be heard on November 5, 2007.
To read Ironworkers fund wants to sue RIM directors, click here.
To comment on this story, email craig.sebastiano@rci.rogers.com.