Larry Ellison - America's Highest Paid CEO - Just Got A Pay Cut

Oracle CEO Larry Ellison has been awarded 3 million stock options this year, down from the 7 million shares he's been awarded each of the past seven years, the Financial Times reports.

It marks a victory for shareholders and shareholders rights who have used "say on pay" votes the past two years to express disapproval to Oracle's board over Ellison's pay package.

Ellison received the biggest pay package of any American CEO last year, making $76.9 million, according to the Wall Street Journal.

Charles Elson, professor of corporate governance at the University of Delaware, tells the Financial Times that Oracle's decision to cut his options is significant, especially since it comes during a time when the stock is up 25%.

"He has so much stock in the company, pay for him is irrelevant at this point - it became irrelevant a long time ago, except as a scorecard," Elson tells FT.

Oracle has also cut option awards to other top executives.

The decision comes at a time when top American CEOs are making an average of 300 times more than their average employee.