TAG | Yahoo! board vote blunder favoured executives |
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| by Stephen Withers | |
| Wednesday, 06 August 2008 | |
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The outcome of each vote was unaffected, as every director received at least 50 percent of the votes cast. But where more than 100,000,000 shares were not voted in favour of a candidate, the announced number of withheld votes was reduced by 100,000,000 or 200,000,000. Consequently, the directors that attracted the least support - actually, any candidate originally credited with a 'for' vote of less than 90 percent - appeared to fare better than they really did. So where we previously reported that only two of the board received less than 80 percent support, that was not correct. Yahoo! chairman Roy Bostock only managed a 60.4 percent 'for' vote, not 79.5 percent. And CEO Jerry Yang's vote has been restated from 85.4 percent to 66.3 percent. This must be seen as putting the two men on notice. Unless the company's performance improves significantly or an acceptable sale or merger deal is negotiated, both must consider their jobs to be at risk. After all, neither managed to attract the support of the owners of an absolute majority of Yahoo!'s shares. Other directors marked down by the restatement were Ronald Burkle (62.1 percent, not 81.2 percent), Arthur Kern (68.3 percent, down from 77.9 percent), and Gary Wilson (72.3 percent rather than 81.8 percent). Eric Hippeau, Vyomesh Joshi, Robert Kotick and Mary Agnes Wilderotter's originally reported votes all stand.
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