Silicon Valley’s corporate governance is turning into quite an iSore. Steve Jobs, chief executive of Apple, is the latest to be drawn into the widespread options backdating scandal. The brain behind the computer maker’s revival was aware of some backdated grants and has been forced to apologise in a statement to Apple shareholders. He follows hard on the heels of Mark Hurd, chief executive of Hewlett-Packard, who is on the defensive for not stopping the series of Keystone Cops-style blunders that left his former chairman facing criminal charges for snooping.

Revealingly, neither share price has been affected. Investors seem more interested in the fates of the two successful chief executives than the serious problems that occurred on their watches. If either was forced out, the relevant company’s share price would fall. But each has so far managed to seem contrite, while trying to keep some distance from the scandals themselves. It helps that both had the role of chief executive when the scandals broke. That has, to an extent, allowed them to be seen to be busy running their businesses, while leaving their chairmen to deal with many board-level problems. (Bizarrely, despite all that, HP still decided to give Mr Hurd both titles).