Oracle Corporation CEO Larry Ellison, left, reacts after Oracle Team USA won the re-sail of the 13th race of the America's Cup sailing event against Emirates Team New Zealand, Friday, Sept. 20, 2013, in San Francisco. The first running of the 13th race was abandoned and Oracle Team USA won the re-sail. (AP Photo/Eric Risberg)
KTVU and AP Wires
SAN FRANCISCO —
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.
Watchdogs are questioning an exclusive agreement between the City of Oakland and a non-profit group, tapped to lead a multi-million dollar project to redevelop the area around the Coliseum BART station.