SAN FRANCISCO: Technology consortium TechNet has launched a campaign against pending legislation concerning stock options, and has retained former White House press secretary Mike McCurry's company to help.Grassroots Enterprises has been retained by the group of 300 technology CEOs and senior executives to help rally opposition to the bill.
Sponsored by Sen. Carl Levin (D-MI) and Sen. John McCain (R-AZ), the legislation would require corporations to report stock-option expenses on their financial reports in the same way they report salaries.
Grassroots Enterprises has been retained to implement its Multiplier product, a technology that helps disseminate information to employees and other stakeholders on key issues.
The system tracks the responses of individual members, and follows up with them on legislative developments.
"It's the use of a higher technology on behalf of the technology community,
explained McCurry. "There are many instances when companies will be able to mobilize their employees on key issues."
McCurry said that enlisting grassroots support is integral to a campaign.
"Members of Congress really do listen to people at the grass roots. After all, that's who they represent,
TechNet and other groups oppose this bill on the grounds that it would prevent them from offering stock options to new employees, as new reporting standards would reduce corporate earnings.
The hi-tech community is particularly concerned about changes to the rules because stock options are such a widespread form of compensation.