Oracle Responds to Glass Lewis Proposals on Board, Compensation
October 27 2021 - 07:39PM
Dow Jones News
By Kimberly Chin
Oracle Corp. said it strongly disagreed with Glass Lewis &
Co.'s proposals to vote against the election of Chief Executive
Safra Catz, Board Director Vishal Sikka and members of the
compensation committee at its annual shareholder meeting on Nov.
10, as well as the proxy adviser's rejection of advisory approval
of the company's executive compensation plan.
Oracle said that it disagreed with the proxy adviser's
recommendation to withhold votes for Ms. Catz, stating that she is
helpful in bringing knowledge of the company's strategic vision,
management and operations to the board.
"Her relationship with the board is not complicated by her
responsibility for the oversight and accuracy of our financial
results in addition to her many responsibilities as CEO," Oracle
said in a letter to Glass Lewis.
Glass Lewis representatives didn't immediately respond to a
request for comment.
Oracle also said it didn't agree with Glass Lewis's
recommendation to withhold votes for Prof. Sikka, a computer
scientist. The company said that the proxy adviser "has singled out
a diverse and relatively new board member simply because they
prefer fewer non-independent directors"
Oracle also said that its compensation committee is responsive
to shareholder feedback and that its compensation plan reflects
input from shareholders. Oracle said it disagreed with Glass Lewis'
proposal to withhold votes for George Conrades, Charles Moorman,
Leon Panetta and Naomi Seligman, who are all members of the board's
compensation committee.
The company said it didn't grant new equity awards or an
increase to the base salaries of Larry Ellison, the chairman, chief
technology officer and co-founder of Oracle, or Ms. Catz in fiscal
2021. The compensation committee also doesn't plan to grant awards
to these officers during an eight-year performance period.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
October 27, 2021 19:24 ET (23:24 GMT)
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