Oracle
is facing a potential shareholder revolt against a compensation formula
that has 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 in a letter
sent to shareholder activist firm CtW Investment Group in an effort to
rally support for its board of directors before the 11 members stand for
re-election at Oracle's annual meeting on October 31.