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GOVERNANCE

Nathan Cummings Foundation will file for proxy access at Oracle

Larry Ellison
Larry Ellison

Nathan Cummings Foundation, New York, expects to file a proposal at Oracle Corp., calling for proxy access permitting shareholders the use of corporate proxy materials to nominate directors, said Laura Shaffer Campos, director of shareholder activities.

The $430 million foundation seeks to enhance shareholder rights and bring greater accountability to the board, including over executive pay. Oracle was “unresponsive” to shareholder voting at last year's annual meeting on Oct. 31, Ms. Campos said.

Three directors were re-elected to the board with votes in favor ranging from 57% to 59%, according to an Oracle filing with the Securities and Exchange Commission. In a non-binding say-on-pay vote, shareholders rejected ratifying the executive pay package of Lawrence J. Ellison, CEO and founder, and other top executives by a vote of 56% against.

The foundation's proxy access proposal would enable a shareholder or group of shareholders owning at least 3% of Oracle stock for three years to nominate a minority of nominees to the company's board. Shareholders have to file proposals at Oracle by May 23, according to a company statement.

The number of Oracle shares the foundation owns wasn't available.

Oracle's annual meeting is generally in October. Deborah Hellinger, Oracle spokeswoman, couldn't be reached for comment.