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Friday, 01 November 2013 11:46

Larry Ellison is paid too much

Written by Nick Farrell



Shareholders revolting

A majority of shareholders are furious that Oracle Chief Executive Larry Ellison wants to be paid so much. In a non-binding vote the shareholders said that the world's third-richest man makes too much as his company struggles against smaller rivals.

Larry will probably shrug off the complaints. The vote against his executive compensation policy adds to a similar defeat at last year's meeting. It requires no changes from the company, it underscores concern among shareholders about high pay in the face of lackluster financial performance. Ellison owns about 25 percent of Oracle and probably can tell everyone to go forth and multiply.

More than 1 billion votes were cast in favor of Oracle's executive compensation and more than 2 billion were against. Oracle said figures for the votes on board members were not yet available. This means that excluding Ellison's shares, close to 85 percent of voted shares were against Oracle's executive pay.

Ellison gave up an annual cash bonus of $1.2 million for fiscal 2013, which ended in May, after Oracle missed growth targets and his annual salary is a token $1. But he took home stock options value at about $77 million.

Nick Farrell

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