Update: Oracle fails Say on Pay with 41% supportDownload PDF
According to an 8-K filing, Oracle is the latest company to announce failing its Say on Pay vote. Oracle received 41% support from shareholders, which represents a year-over-year decrease of 25%. Shareholder and their proxy advisors likely maintained concerns with the high absolute and relative value of CEO pay and other aspects of the company’s pay program (including use of time-based equity, perquisite programs, and CEO pledging of shares). Shareholders were also likely disappointed with the company’s modifications to the pay program following the 2011 vote. Shareholders’ reactions were not contained solely to the Say on Pay proposal. Over 34% of shareholders withheld votes related to Compensation Committee members’ reelections – and 25% of shareholders voted against an amendment to increase shares under the directors’ stock plan.