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.