Larry Ellison, co-founder and executive chairman of Oracle Corp., has come under renewed pressure from the software giant’s shareholders over his “excessive” remuneration and “unprecedented” failure to engage with investors.
The Netherlands’ second-largest asset manager and one of Britain’s largest pension funds will file a letter to Oracle with the Securities and Exchange Commission Monday outlining their concerns about the firm’s corporate governance, the Financial Times reported.
More than half the shareholders have voted against the executive compensation scheme in each of the past three years.
Ellison, who is also Oracle’s chief technology officer, holds a significant interest in the firm.
Last year, Forbes magazine listed him as the third-richest man in America and the fifth-richest person in the world, with a fortune of US$53.6 billion.
He reduced his total pay, including options, for 2014 to US$67.3 million from US$78 million the year before, but shareholders say the cut is not enough.
PGGM of the Netherlands and Railpen, Britain’s Railway Pension Trustee Co., say Oracle’s “lack of communication” has heightened their concern over pay, boardroom accountability and the independence of non-executive directors.
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