Implementing the proposal is unnecessary because the Firm's board leadership structure already provides the independent leadership and oversight of management sought by the proponent.
We equate the recent announcement on changes to Oracle's leadership structure as simply a rearrangement of the deck chairs which serves to further empower executive management.
While our bylaws and corporate governance guidelines do not require that our chairman and chief executive officer positions be separate, the board believes that having separate positions and having an independent outside director serve as chairman is the appropriate leadership structure at this time.
