“Even today, we estimate that 50% of public companies are still using spreadsheet-based procedures to administer part or all of their equity incentive plans,” said Jonathan Miller, president of the Pennsylvania-based company, in a press release. “This creates an environment where data entry is difficult to audit and systems are open to manipulation.”
According to the news release, the new additions to OptionTrax include:
- 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.
- Tracking tools such as an online library where board resolutions and stock option plan documents can be securely archived.
For more information on OptionTrax go to http://www.optiontrax.com/ .