Monsanto Co., the St. Louis-based agribusiness giant, has finally put an end to a long-running accounting violations case, but not before two of its executives took the unusual step of handing over a chunk of their bonuses and stock awards even though never accused of personal misconduct.
The U.S. Securities and Exchange Commission announced on Tuesday that Monsanto would pay $80 million to settle allegations that it failed to appropriately account for costs around a rebate program it offered to distributors and retailers of the weed killer Roundup, one of the company’s signature products. In addition, despite the SEC stating they engaged in “no personal misconduct,” Monsanto CEO Hugh Grant paid out $3,165,852 and former CFO Carl Casale handed over $728,843, sums that reflect the cash bonuses and certain stock awards they received during the time of the alleged violations.
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