ID :
15143
Wed, 08/06/2008 - 17:39
Auther :
Shortlink :
http://m.oananews.org//node/15143
The shortlink copeid
Yahoo vote-count review reveals higher protest vote
Silicon Valley, Aug 6 (PTI) Yahoo Inc has said that a
recount of last week's board elections had revised the vote
tally, revealing a much higher protest vote against some of
the directors, including CEO Jerry Yang.
The Internet major said the corrected vote tally showed
that nearly 34 percent of votes cast were withheld against
Yang, more than double the originally reported figure of 15
percent. About 40 percent of votes were withheld from
Chairman Roy Bostock - nearly twice the figure previously
reported.
The error does not change the outcome of the election,
but it does reflect a high level of shareholder frustration
with Yahoo management over its handling of a now-withdrawn
USD 47.5 billion takeover bid from Microsoft Corp.
This shareholder revolt could see a stronger call for
Yang to step down. His disapproval has now dropped down to the
range that former CEO Terry Semel experienced during the last
year's annual board meeting, days before he lost his job.
The problem was caused by a tabulation error by
Broadridge Financial Solutions, which was representing Capital
Research and Management Co -- Yahoo's largest shareholder.
"In essence, it was a truncation error in the final
printout," the processing services firm's Senior VP Regulatory
Affairs Chuck Callan said, adding that "the problem was
identified and fixed...the error did not change the outcome."
Capital and its sister concern Capital World Investors,
which together control roughly 16 per cent of Yahoo's stock,
had advised its funds to withhold votes for the re-election of
Yang to the board of directors.
In addition to Yang and Bostock, the revision added a
large number of "no votes", against three other Yahoo
directors.
The vote against supermarket magnate Ron Burkle jumped
from 18.8 percent to 37.9 percent. Votes against Arthur Kern
jumped from 22.1 percent to 31.7 percent while votes against
Gary Wilson went from 18.2 percent to 27.7 percent.
No mistakes were detected in the votes for Yahoo's four
other incumbent directors Eric Hippeau, Vyomesh Joshi, Mary
Agnes Wilderotter and Robert Kotick.
recount of last week's board elections had revised the vote
tally, revealing a much higher protest vote against some of
the directors, including CEO Jerry Yang.
The Internet major said the corrected vote tally showed
that nearly 34 percent of votes cast were withheld against
Yang, more than double the originally reported figure of 15
percent. About 40 percent of votes were withheld from
Chairman Roy Bostock - nearly twice the figure previously
reported.
The error does not change the outcome of the election,
but it does reflect a high level of shareholder frustration
with Yahoo management over its handling of a now-withdrawn
USD 47.5 billion takeover bid from Microsoft Corp.
This shareholder revolt could see a stronger call for
Yang to step down. His disapproval has now dropped down to the
range that former CEO Terry Semel experienced during the last
year's annual board meeting, days before he lost his job.
The problem was caused by a tabulation error by
Broadridge Financial Solutions, which was representing Capital
Research and Management Co -- Yahoo's largest shareholder.
"In essence, it was a truncation error in the final
printout," the processing services firm's Senior VP Regulatory
Affairs Chuck Callan said, adding that "the problem was
identified and fixed...the error did not change the outcome."
Capital and its sister concern Capital World Investors,
which together control roughly 16 per cent of Yahoo's stock,
had advised its funds to withhold votes for the re-election of
Yang to the board of directors.
In addition to Yang and Bostock, the revision added a
large number of "no votes", against three other Yahoo
directors.
The vote against supermarket magnate Ron Burkle jumped
from 18.8 percent to 37.9 percent. Votes against Arthur Kern
jumped from 22.1 percent to 31.7 percent while votes against
Gary Wilson went from 18.2 percent to 27.7 percent.
No mistakes were detected in the votes for Yahoo's four
other incumbent directors Eric Hippeau, Vyomesh Joshi, Mary
Agnes Wilderotter and Robert Kotick.
