Oracle fails to convince its followers over pay
(Observer (UK) Via Acquire Media NewsEdge) Shareholders in US software company Oracle rejected its pay policies for a second successive year, after founder Larry Ellison topped the league of America's best-paid execs by trousering $78m (pounds 49m).
A motion to approve executive pay at the annual meeting was defeated after 57% of shareholders voted against or abstained in a non-binding poll. Because Ellison owns more than 24% of the shares, an estimated 85% of the independent stockholders are thought to have joined the pay revolt.
For some reason, Ellison does seem to attract this type of reaction from people, inspiring an oft-quoted theory that the company name is actually an acronym. They say it stands for: One Raging Asshole Called Larry Ellison.
(c) 2013 Guardian Newspapers Limited.
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