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Bonus for the board…

Corporate attorneys and proxy solicitation firms aren’t the only ones cleaning up from the ongoing war between Oracle (ORCL) and PeopleSoft (PSFT) . According to its preliminary proxy filed on Friday, PeopleSoft began paying its board members an additional $7,500 a month back in June for what it describes as “increased activities resulting in part from the Oracle tender offer.” Board members, who already receive a $30,000 annual retainer and 25,000 options a year, are also now paid an additional $1,500 per day if they’re required to meet with lawyers on PeopleSoft matters. To be fair, PeopleSoft’s 8-member board is working a lot harder this year: they met 25 times in 2003, compared with only 4 times in 2002. On Friday, PeopleSoft announced that it was
moving up its annual meeting by two months to March 25 as part of its strategy against Oracle’s offer to buy PeopleSoft for $19.50 a share.