At many institutions, clawbacks only come into play when there has been a financial restatement.
The company also is n the middle of a financial restatement for 2010, 2011 and Q1 2012.
Nevertheless, many U.S. companies have voluntarily adopted them, though most apply only in the event of a financial restatement.
Capital One's previous clawback provisions covered only its top executive officers and triggered only in the event of a financial restatement or willful misconduct.
The Dodd-Frank financial law broadened the rules instituted in the 2002 Sarbanes-Oxley Act, which gave companies the power to recoup pay from top executives after a financial restatement or certain misconduct.
The investigation also found that during the financial restatement period, this environment of weak financial controls and under-supported accounting functions allowed accounting errors to occur, some of which arose from certain instances of intentional misconduct to improve the financial results of specific business segments.
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Morgan Stanley's proxy last year said clawbacks can be triggered for conduct leading to a restatement, a significant financial loss or other reputational harm.
Deloitte was dismissed in June of 1997 after issuing a going concern opinion and a restatement of several years financial results that forced the withdrawal of their audit opinions for 1996 and prior.
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Bristol Chief Financial Officer Andrew Bonfield will discuss the restatement at the SG Cowen Health Care Conference at 8 A.M. tomorrow in Boston.
After repeated delays in filing the corrected statements, Lime announced in December that it was broadening the potential of restatement to include its 2009 financial statements.
As part of the restatement, the company will adjust the financial statements for errors identified during prior periods, recording the adjustments in the appropriate historical period.
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But the casino operator added that these findings "do not have a material impact" and "do not warrant any restatement of the company's past financial statements".
More fundamentally, the financial statements of a company that has engaged in backdating may require restatement.
To facilitate the restatement, New York City-based Bristol brought on a new chief financial officer, Andrew Bonfield Andrew Bonfield , who served as chief financial officer at SmithKline Beecham before it became part of GlaxoSmithKline .
To facilitate the restatement, New York City-based Bristol brought on a new chief financial officer, Andrew Bonfield , who served as chief financial officer at SmithKline Beecham before it became part of GlaxoSmithKline (nyse: GSK - news - people ).
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