Friday, 1 November 2013

Oracle defeated, again

There we go, Oracle lost its 'say on pay' vote for the second year running. And remember that Larry Ellison holds a quarter of the company's stock, so it requires a serious level of investor opposition to tip into a majority defeat. Another win for US shareholder activists, and CTW in particular.
CtW Investment Group, an arm of labor federation Change to Win, had urged Oracle shareholders to vote against three members of Oracle’s compensation committee for awarding Chief Executive Larry Ellison excessive pay and the board’s failures to respond to longstanding compensation concerns. Ellison received compensation valued at $76.9 million in the fiscal year that ended in May. Oracle’s stock rose nearly 28% in those 12 months.
After the vote totals were announced, Michael Pryce-Jones, an official from CtW, asked the board whether Bruce Chizen, the head of Oracle’s compensation committee, should step down in light of the consecutive “say on pay” defeats.

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