EASi Says Its Software Handles New Proxy Reporting Requirements
February 8, 2010
Equity Administration Solutions, Pleasanton, CA, said Monday its stock plan management software has been upgraded to meet new reporting rules for proxy statements, issued by the Securities and Exchange Commission requirements issued on December 16.
Prior to the new SEC regulations, companies had to disclose the compensation cost for awards over the period during which the equity compensation awards were made. Now they are required to disclose the aggregate fair value of stock awards and option awards on the grant date in a given fiscal year, in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718. This aggregate value must appear in both the Executive Summary Compensation Table and the Directors' Compensation Table.
EASi claims it is the first company to adapt its plan management software to the new rules.
"EASi's platform and extensive QA process enable us to bring customers what they need right on time for filing their proxy statements," said Mark Ebersole, Chief Technology Officer for EASi.
"Without EASi's new reports, users would have to run several other reports and spend hours compiling the information," said Roger Gilbert, CEP, EASi's customer support manager, in a release. “We replicate the layout in SEC Regulation S-K so our customers have the output in the exact format they need, plus we provide back-up details."
EASi gives customers the flexibility to run the old reports or the new versions. “We added a new Director Compensation Table 2010 along with a Director Compensation Detail Table 2010 that displays the underlying detail showing companies the source of the numbers. We also added an Executive Summary Compensation Table 2010 and accompanying detail report,” Gilbert said.
The firm sells stock plan software designed to handle the accounting, tax and administration needs of companies that grant equity awards. EASi serves nearly one million participants in more than 60 countries.
