Oracle is increasing its support of tennis in the United States by unveiling four new tournaments. Two of the tournaments will be men’s events while other two will be women’s events. The enterprise software maker is doing this in partnership with WTA – Women’s Tennis Association and ATP – Association of Tennis Professionals.
The two women’s events as well as the two men’s events will occur as combined events next year. The prize money for each tournament will be $150,000. Player participation will be based on the rankings.
“Oracle is committed to American tennis and these events are designed to provide opportunities for players to make meaningful gains in both prize money and ranking points on their home soil,” said the co-chief executive officer of Oracle, Mark Hurd.
Oracle US Tennis Awards
This is not the only support Oracle has offered to tennis players in the United States this year. Earlier in the year, the enterprise software maker launched the Oracle US Tennis Awards which consists of two grants worth $100,000 which are set to be given to young players in order to assist them as they turn professional. Oracle is also partnering with the ITA – Intercollegiate Tennis Association in hosting the Oracle ITA National Fall Championships.
The unveiling of new tennis tournaments by Oracle comes less than a week since investors of the enterprise software maker were advised to reject the firm’s executive pay plan during the annual meeting which will be held mid this month. Institutional Shareholder Services, a proxy adviser that offers asset management advice, told its clients to oppose the pay plan.
Under the new package which was disclosed last month, Hurd and SafraCatz, the joint chief executive officers, as well as the chief technology officer, Larry Ellison, stand to receive stock options worth $103.7 million next year. That is almost half what they got this year but Institutional Shareholder Services still opposes it on the grounds that there is a disconnect between pay and performance. According to ISS, the compensation is outsized even on the understanding that the vesting period is stretched out over five years and is dependent on Oracle’s market capitalization, share price and operational goals.
At the annual meeting the first item to be voted for with new board appointments and the proxy adviser has urged its clients to withhold their votes for Bruce Chizen and Michael Boskin. The two men are on the audit committee of Oracle’s board of directors.