Computer Sciences
Michael Laphen, former chief executive officer of Computer Sciences Corp., agreed last month to return more than $3.7 million over his role in accounting fraud that occurred in 2010 and 2011. CSC had manipulated accounting models to hide a drop in earnings after it failed to meet deadlines for a contract with the U.K.’s National Health Service, the SEC said. The largest restatement in 2014 was KBR Inc., which was forced to reduce net income for 2013 by $154 million.
The proposal is the last major executive-compensation rule the SEC must issue under Dodd-Frank. After the SEC’s five commissioners votes to release it, companies will have 60 days to comment before the agency takes final action.