Feeds

Oracle investors get hot under collar over execs' bulging packages

'Lack of performance hurdles' vexes pension funds at stockholders' shindig

Next gen security for virtualised datacentres

Three long-term investors in Oracle are planning to protest against the firm's executive pay policies at its annual shareholder meeting today.

Pension funds from Britain, the US and the Netherlands wrote to Oracle to express "severe concerns" about how much top execs were getting paid and the accountability of the board.

"At the 2012 annual shareholders’ meeting, the advisory vote on pay not only failed to receive a majority vote in support, but, by our calculations, 86 per cent of independent shareholders voted against the resolution," the funds said.

"This is not a situation that any board should ignore, even taking into account the advisory nature of the pay resolution, as it is clearly a request for change by shareholders. Subsequent to the vote from last year, we would have expected the board to have addressed issues such as excessive compensation and the lack of performance hurdles in the vesting of long term incentives."

The UK's Railpen, California's CalSTRS and PGGM of the Netherlands accused the board of failing in its duties by not making substantial changes to the exec pay structure and said they wouldn't support the nominees for the board this year.

The three funds are not the only investors to agitate for change to Oracle's pay policies, which saw chief exec Larry Ellison stroll home with around $76.9m for the fiscal year ending in May.

The company held a non-binding "Say on Pay" vote last year, but chose to ignore the outcome when shareholders rejected its compensation structure.

Earlier this month, CtW Investment Group, which said it was representing Oracle stockholders, also urged investors to vote against pay at today's AGM. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.