News Summary: Oracle faces heat for pay practices

News Summary: Oracle rebuffs shareholder activist group attacking billionaire CEO's pay

Associated Press

BILLIONAIRE BACKLASH: Shareholder activist CtW Investment Group is vowing to lead a campaign to dump part of Oracle's board of directors unless the business software maker changes a system that has consistently made company co-founder Larry Ellison one of the world's best-paid CEOs. The hefty pay has helped Ellison build upon a fortune estimated at $41 billion.

NOTHING WRONG HERE: In a letter to CtW released in a Wednesday regulatory filing, Oracle Corp. staunchly defended its compensation formula and argued Ellison has proven he is worth the money.

POTENTIAL SHOWDOWN: The disagreement could spark fireworks at Oracle's annual shareholder meeting on Oct. 31.

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