By withdrawing its dissident slate, Oracle ( ORCL ) may have killed some of the excitement surrounding PeopleSoft's ( PSFT ) upcoming shareholder's meeting. But there still could be some fireworks. On Wednesday, San Francisco-based institutional investor advisory firm Glass Lewis & Co. recommended that its clients withhold votes on three of the four directors up for reelection. The firm is also recommending support for a proposal that the company expense stock options, which is opposed by the PeopleSoft board. The three directors that Glass Lewis says votes should be withheld for at the March 25 annual meeting are CEO Craig Conway, A. George "Skip" Battle and Cyril J. Yansouni. Glass Lewis picked Battle and Yansouni because they were both on the board's compensation committee when it awarded Conway $3.3 million in salary and bonus plus 1.5 million options in 2003. In a proxy paper, Glass Lewis called Conway's pay "exorbitant" and gave the company's executive compensation an 'F' rating.