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PIRC is the UK's leading independent research and advisory consultancy providing services to institutional investors on corporate governance and corporate social responsibility.

Since 1986, it has been the pioneer and champion of good corporate governance within the UK. PIRC has a wide spectrum of clients ranging from pension funds, faith-based investors, trade unions to banks and asset managers. Its GovernancePlus service is an authoritative and vital resource for active investors, whilst its widely-read Shareowner Voting Guidelines provide a market-wide benchmark for investors and form part of the movement for corporate governance reform and long-term wealth creation strategies for responsible investors. For more information about PIRC or to arrange a meeting, contact Janice Hayward, or call us on 0207 247 2323.

Oracle loses Say on Pay vote

Software giant Oracle suffered an embarrassing defeat on executive compensation policy last week.

According to results released by the company, on the executive compensation vote 40.9% were in favour; with 58.9% against with 0.2% abstentions. However that almost certainly undersells the extent of opposition. Founder and CEO Larry Ellison owns 23% of the company’s shares, and we assume he voted in favour of the policy. Taking that 23% in account, it is estimated that 83% of independent shareholders cast their votes against the resolution. Arguably Oracle can’t be surprised, given that there was a sizeable oppose vote last year too. PIRC had recommended opposition. All three Compensation Committee members received significant votes against their re-elections with the Chairman receiving only 61% support, and the other two members receiving 66% support.

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