For Immediate Release
November 19, 2015
The Nathan Cummings Foundation, the UAW Retiree Medical Benefits Trust and The Marco Consulting Group today announce a major corporate governance victory for Oracle shareholders.
A proxy access proposal submitted by the three funds to Oracle received the support of a majority of votes cast at the company’s annual meeting yesterday. Proxy access allows certain investors who meet ownership requirements to nominate candidates for the Board of Directors.
“We are pleased that Oracle shareholders agree proxy access benefits the company and its investors,” said Maureen O'Brien, Director of Corporate Governance at The Marco Consulting Group.
As reported in the Dow Jones Newswire today using data from proxy advisor ISS, “It marked the first time ORCL shareholders passed an investor resolution since at least 2005.”
“Proxy access is really about board responsiveness to investors' concerns across a whole range of issues. Yesterday’s majority vote, combined with four consecutive failed say on pay proposals, is a wake up call for the Board,” said Laura Campos, the Director of Shareholder Activities at the Nathan Cummings Foundation.
Oracle has garnered criticism from institutional investors on the technology company’s excessive executive pay and other board accountability concerns.
A CFA Institute study found proxy access could raise US market capitalization by up to $140.3 billion if adopted market-wide.
Press contact: Maureen O'Brien, 312-612-8446 or Obrien@marcoconsulting.com