Prevention of Stock Option Abuse Act of 2003 - Instructs the Securities and Exchange Commission to promulgate stock option rules requiring a publicly traded corporation to: (1) obtain prior shareholder approval of stock option compensation plans; and (2) issue to directors or executive officers stock options that have a minimum five-year vesting period.
Mandates that such rules also: (1) stagger both the percentage of company stock sold by a director or executive officer and the time periods within which it may be sold; and (2) require quarterly corporate filings to include the total quantity of outstanding stock options held by senior management and staff, as well as a stock option status report.