TAG | Yahoo! board gets the nod from shareholders |
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| by Stephen Withers | |
| Monday, 04 August 2008 | |
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Page 2 of 2 The relatively low vote for Bostock could be interpreted as criticism of his handling of the whole Microsoft/Icahn affair. That would be consistent with the 85.4 percent vote for Jerry Yang, who has presented a united front with Bostock during the proceedings.Given that 75.8 percent of Yahoo! shares were voted at the meeting, even Kern achieved an absolute majority (approximately 59 percent of outstanding shares). Following the annual meeting, the board appointed Icahn as Kotick's replacement, and voted to expand the board to 11 members. The two new directors should be appointed by August 15. Although they agreed the appointment of PricewaterhouseCoopers as Yahoo!'s independent accounting firm, shareholders shot down the other proposals put to them, which concerned pay for superior performance, Internet censorship, and the establishment of a board committee on human rights. Overall, it looks like Yahoo! shareholders are basically happy with the direction set by their previous board, with the addition of a little ginger in the form of Icahn to make sure any future takeover or divestiture proposals are taken very seriously. Update: Yahoo subsequently announced there were errors in the published voting figures and issued a correction. See our later story.
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