Investors question pay deal for Oracle executives

http://www.rawstory.com/rs/2013/10/30/investors-question-pay-deal-for-oracle-executives/



Fund managers, CalSTRS and PGGM of the Netherlands to press for a vote against Oracle’s executive pay policies

Investors question pay deal for Oracle executives
By Jill Treanor, The Guardian
Wednesday, October 30, 2013 19:10 EDT

A big UK pension fund is among a number of investors preparing to protest against the pay polices of the California-based software company Oracle – whose chief executive Larry Ellison received $76m last year – at its shareholder meeting on Thursday.

Railpen has joined forces with other high-profile fund managers, CalSTRS of the US and PGGM of the Netherlands, to urge fellow shareholders to vote against all the directors standing for election to the board and in the vote on pay policies.

Deborah Gilshan, corporate governance counsel at Railpen, said it was very unusual for the pension fund to join in such an effort and to oppose the election of directors to the board. “This is a reflection of the serious of our governance concerns,” she said.

Advisory groups such as ISS are also recommending a vote against the pay policies and the re-election of some directors.