Tech

Oracle Defends CEO Larry Ellison’s Pay Package Against Shareholder Revolt

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Oracle CEO Larry Ellison delivers a keynote address during the 2013 Oracle Open World conference on September 22, 2013 in San Francisco, California. Ellison kicked off the week-long Oracle Open World conference that runs through September 26. (Photo by Justin Sullivan/Getty Images)

Oracle CEO Larry Ellison delivers a keynote address during the 2013 Oracle Open World conference on September 22, 2013 in San Francisco. (Justin Sullivan/Getty Images)

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SAN FRANCISCO (CBS/AP) — Oracle is trying to ward off a shareholder rebellion against policies that have consistently made its billionaire co-founder, Larry Ellison, one of the best-paid CEOs in the world.

The business software maker staunchly defended Ellison’s pay packages in a letter sent to shareholder activist CtW Investment Group in an effort to rally support before Oracle’s annual meeting on Oct. 31.

The letter released in a Wednesday regulatory filing came in response to a scathing attack that CtW launched last week against the compensation that Ellison has been receiving for years.

Oracle Corp. awarded Ellison a pay package valued at $78.4 million in its last fiscal year, down from $96.2 million the previous year.

Ellison could have made more last year if he hadn’t turned down a $1.2 million bonus.

 

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

 

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