Aon Corp. insurance brokerage said in a Securities and Exchange Commission filing yesterday that it will restate earnings for the past four years after an internal review of stock options found that they were recorded incorrectly.
The company said no improper backdating was involved. Aon said compensation expenses for 2006 and 2005 would be increased by $2 million and $3 million, respectively, as a result of the restatement.
The Chicago-based firm said that while corrected compensation is not material to any reporting period, the aggregate impact for the years 1994 to 2006 “is considered sufficiently material to warrant restatement.”
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