One Director Says: “Try Harder”, ‘This Time Can Be Different’ On Racial Equality, Boards Face Push For International ESG Reporting Standards, Exclusive Members-only Events and Content, Committee Briefings: Top Considerations for 2019, Committee Briefings: Top Considerations for 2020. Matthew Scott is the former managing editor of the Financial Times’ Agenda newsletter. Such a defense would no doubt bring unwanted negative attention to the company and the board. Their conduct has also irreparably harmed Oracle.” Regulatory fines and penalties may be possible. The contents of this site are ©2020 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc. Rep. Robin Kelly enters race for Democratic caucus vice chair, Hillicon Valley: Oracle confirms deal with TikTok to be 'trusted technology provider' | QAnon spreads across globe, shadowing COVID-19 | VA hit by data breach impacting 46,000 veterans, House approves bill to secure internet-connected federal devices against cyber threats, Sanders says Democrats should have given more speaking time to progressives, Castro says DNC should have put more Latino speakers on stage from beginning, Jill Biden defends husband's cognitive ability from Trump attacks: 'It's ridiculous', DHS opens probe into allegations at Georgia ICE facility, Hispanic caucus report takes stock of accomplishments with eye toward 2021, Lawmakers of color blast Trump administration for reportedly instructing agencies to end anti-bias training, Overnight Defense: Appeals court revives House lawsuit against military funding for border wall | Dems push for limits on transferring military gear to police | Lawmakers ask for IG probe into Pentagon's use of COVID-19 funds, Democrats push to limit transfer of military-grade gear to police, Outrage erupts over Breonna Taylor grand jury ruling, Democrats accuse tech companies of deceitful tactics in campaign against Calif. ballot measure, Congress fiddles while the US burns, floods, and ails, 20 years later, the FDA must lift restrictions on medication abortion care, Daily Caller Video Chief discusses deadly shooting at Denver protest, You have no excuse to skip the gym...when it's right next to your desk, Intercept Chief: Democrats' attention to Affordable Care Act in Barrett hearings part of larger election strategy, 1 in 3 college students faces food insecurity. However, if the court finds that companies can face significant financial damages for making unfounded claims about human capital management decisions in their public disclosures, it heightens the level of accountability of the board to implement strategies that actually achieve the results that are promised. Nomination and Governance Committee (PDF), Oracle Employee Code of Ethics and Business Conduct (PDF), Oracle Partner Code of Ethics and Business Conduct, Oracle Supplier Code of Ethics and Business Conduct, Oracle Certificate of Incorporation (PDF). Governance Guidelines and Committee Charters.

The obvious issue for the Oracle board is the embarrassment of having to be hauled into Federal Court over diversity issues. Oracle's Board of Directors has adopted Corporate Governance Guidelines and committee charters to help ensure it has the necessary authority and procedures in place to oversee the work of management and to exercise independence in evaluating Oracle's business operations. It also asks that an annual diversity report be produced and increased efforts to hire, promote and mentor minorities be implemented at the company. Friday's letter said that Oracle has one Latin American individual on its board and one unfilled board position.

Recent derivative claims filed in a California federal court over diversity and inclusion shortcomings at Oracle, Facebook and Qualcomm demonstrate shareholder willingness to hold directors … Stakeholders expect it, and disclosure of it evidences a board’s effectiveness and commitment to its role. Use synonyms for the keyword you typed, for example, try “application” instead of “software.”. Check the spelling of your keyword search. In doing so, the directors have breached their duty of candor and have also violated the federal proxy laws. The three complaints, filed by the same lawyers, contain The lawsuit, Klein vs. Ellison et al, contends that “Oracle has no real commitment to diversity and its board is turning a blind eye to the company’s miserable failure to ensure the ‘diversity’ trumpeted by the directors in Oracle’s filings with the Securities and Exchange Commission and its annual reports to … A group of House Democrats sent a letter to Oracle CEO Larry Ellison on Friday criticizing the company for a lack of African Americans and Asian Americans on the company’s board of directors. It means applying the same level of commitment, rigor, and sincerity to changing lives as we do to building cutting-edge technology for our customers.

If the plaintiff prevails, it will be interesting to see what the fallout is. Additionally, in today’s racially charged environment, how do you craft a legal defense that argues against diversity? “The fact that African Americans make up 13% and Asian Americans make up 5.6% of the U.S. population but 0% of Oracle’s board and leadership is inexcusable,” the members wrote. The lawsuit notes that a Department of Labor lawsuit claimed Oracle’s discrimination against minorities has “resulted in at least $400 million in underpaid salaries,” and “Oracle’s board and workforce reveal one of the lowest prevalence of Black individuals and minorities in Silicon Valley.” (Oracle’s 14-member board has only one minority member) The lawsuit claims these facts and “a lack of truthfulness and effort on the part of the board to fulfill their fiduciary duties,” has resulted in reputational damage that hurts Oracle shareholders. A group of House Democrats sent a letter to Oracle CEO Larry Ellison on Friday criticizing the company for a lack of African Americans and Asian Americans on the company’s board of directors. As the lawsuit asserts, “Oracle’s directors have deceived stockholders and the market by repeatedly making false assertions about the company’s commitment to diversity. The letter follows a January letter to Oracle in which members voiced concern over a Labor Department claim that Oracle “systemically discriminated against women and individuals of color,” according to Friday’s letter. Robin Kelly enters race for Democratic caucus vice chair Hillicon Valley: Oracle confirms deal with TikTok to be 'trusted technology provider' | QAnon spreads across globe, shadowing COVID-19 | VA hit by data breach impacting 46,000 veterans House approves bill to secure internet-connected federal devices against cyber threats MORE (Ill.), Congressional Tri-Caucus leaders Julian CastroJulian CastroSanders says Democrats should have given more speaking time to progressives Castro says DNC should have put more Latino speakers on stage from beginning Jill Biden defends husband's cognitive ability from Trump attacks: 'It's ridiculous' MORE (Texas), Judy ChuJudy May ChuDHS opens probe into allegations at Georgia ICE facility Hispanic caucus report takes stock of accomplishments with eye toward 2021 Lawmakers of color blast Trump administration for reportedly instructing agencies to end anti-bias training MORE (Calif.) and Karen BassKaren Ruth BassOvernight Defense: Appeals court revives House lawsuit against military funding for border wall | Dems push for limits on transferring military gear to police | Lawmakers ask for IG probe into Pentagon's use of COVID-19 funds Democrats push to limit transfer of military-grade gear to police Outrage erupts over Breonna Taylor grand jury ruling MORE (Calif.), and Congressional Black Caucus Diversity Taskforce leaders GK Butterfield (N.C.) and Barbara LeeBarbara Jean LeeDemocrats accuse tech companies of deceitful tactics in campaign against Calif. ballot measure Congress fiddles while the US burns, floods, and ails 20 years later, the FDA must lift restrictions on medication abortion care MORE (Calif.).

Those are serious charges. Investors who value companies that believe in diversity may have purchased Oracle shares because of statement in its SEC filings, only to find later that the diversity claims were false. Survey: Worker Safety A Board Priority During Covid Crisis, New Survey Finds U.S. Public Company Directors Cautious About The Economy, Split On Election, Can’t Find Diverse Talent? This lawsuit could become more important than people think. They requested a response from Oracle regarding their diversity concerns and said that an executive level briefing would be the best way to discuss the matter. Corporate boards should watch what happens with this lawsuit and determine if they can be attacked in a similar way. Oracle's Board of Directors has adopted Corporate Governance Guidelines and committee charters to help ensure it has the necessary authority and procedures in place to oversee the work of management and to exercise independence in evaluating Oracle's business operations. This would represent a new level of respect for the impact that human capital management decisions can have on the financial fortunes of a company, and would warrant additional study by corporate boards. if the court finds that companies can face significant financial damages for making unfounded claims about human capital management decisions, it will heighten boards' level of accountability. The lawsuit, Klein vs. Ellison et al, contends that “Oracle has no real commitment to diversity and its board is turning a blind eye to the company’s miserable failure to ensure the ‘diversity’ trumpeted by the directors in Oracle’s filings with the Securities and Exchange Commission and its annual reports to shareholders.”. If successful, this could lead to more lawsuits that seek to force companies to implement diversity initiatives faster and in more significant ways.

To promote and maintain the highest ethical standards and compliance with the law, Oracle has adopted Codes of Ethics and Business Conduct applicable to our employees, partners, and suppliers. Good corporate citizenship means being intentional and thoughtful about the value we generate as a company—not only for our shareholders, but also for our people, our planet, and future generations.

Engaging a useful, annual self-assessment is fundamental to governance excellence. 1.

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