Larry Ellison had his pay package reduced 18 per cent to about $78m (£46.2m) last September, but a group of US trade bodies reportedly still isn't satisfied.
A group of pension funds is expected to file further proposals relating to the Oracle chief executive's package at this year's annual general meeting, according to a report in the Financial Times.
"Oracle is facing renewed pressure over the pay of its founder and chief executive Larry Ellison (pictured) from investors who say the software company has ignored mounting shareholder concerns," wrote reporter Stephen Foley.
Ellison's official salary is only $1, with the rest being made up of shares, options, cash bonuses and so on. According to Oracle, Ellison himself declined a bonus of about $1.2m in 2013.
Oracle co-presidents Safra Catz and Mark Hurd also both saw their packages shrink 16 per cent to $43.6m last year, and both also turned down cash bonuses, in this case of about $717,000 each.
Shareholders want more rights to change directors, and for there to be more accountability when it comes to executive pay, according to Foley.
The pension-fund group proposals are being led by the American Federation of Congress and Labour Organisations (AFL-CIO), the largest such organisation in the US, which also wants to make it easier to replace directors at Oracle.
AFL-CIO has a registration-only lobbying group which posts online, called the Global Issues Network, targeting students. One of the issues it follows is executive pay worldwide.
The Financial Times quoted AFL-CIO chief research analyst Vineeta Anand as saying that Oracle was "recalcitrant" on corporate governance, "with a chief executive who acts not like a CEO but like a king".
Most Oracle shareholders have continued to voted against the vendor's pay proposals over the past two years. Oracle's revenue was a flat $37.2bn last year although profits expanded about 10 per cent.
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