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Share Name | Share Symbol | Market | Type |
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Oracle Corp | NYSE:ORCL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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1.72 | 1.03% | 168.0001 | 168.36 | 166.48 | 167.31 | 7,082,998 | 00:56:57 |
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Director Independence. We are concerned that the non-independent members of Oracle’s Board, which include the company's co-CEOs and both its Executive Chairman and Vice Chairman, may dominate the Board. In addition, we note that the independent members of the Board are primarily long-tenured directors.
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Unresponsive Board. Three consecutive failed say-on-pay votes suggest the need for meaningful changes to Oracle’s compensation quantum and structure, but Oracle’s Board continues to award outsized pay packages despite middling performance. The lack of meaningful changes in response to these votes raises broader concerns around board governance and accountability to non-insider shareholders.
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Failure of Risk Oversight. Significant pledging of company stock by Oracle’s Executive Chairman and Chief Technology Officer raises questions about the Board’s oversight of this risk and poses a potential hazard to the investments of other shareholders. Excessive pledging is not in the best interest of shareholders because the executive may be forced to sell company stock quickly, which may negatively impact the share price. According to Oracle’s latest proxy statement, the company’s founder and Executive Chairman has pledged a total of 300 million shares as of September 21, 2015, representing approximately 7% of shares outstanding. The company does not have anti-pledging policies in place nor have shareholders been given any specific information about why such significant pledging is necessary.
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1 Year Oracle Chart |
1 Month Oracle Chart |
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