Majority of Oracle shareholders oppose CEO Ellison’s compensation
At software giant Oracle's annual meeting on Thursday, the compensation of the company's CEO, Lawrence J. Ellison, was opposed by a majority of shareholders who voted against a nonbinding resolution on the pay practices of the company.
Going by Oracle's proxy statement which revealed the compensation received by Ellison, amount of $78.4 million was received by Ellison for the 2013 fiscal year, which ended in May. Despite the fact that the figures mark a drop over Ellison's fiscal 2012 compensation of $96.2 million, the figures are still substantially higher than the $11.7 million compensation earned by Cisco's CEO John Chambers in 2012.
So far as the results of the voting on Oracle's "say on pay" proposal is concerned, more than two billion shares were voted against the measure; while approximately 1.6 billion shares were voted in support of the measure.
However, the number of shares that were voted against the "say on pay" proposal was apparently much more than what the initial figures suggest if Ellison's nearly 1.1 billion shares are deducted from the numbers.
In reaction to the opposition demonstrated by the majority of shareholders to Ellison's compensation, analyst Michael Pryce-Jones - of the CtW Investment Group, which led a campaign against Ellison's pay - said: "It's a defeat for the board however you spin it."