Yahoo Recount Shows Large Protest: Yang's Approval At 66, Not 85 Percent

Yahoo (YHOO) on Tuesday disclosed that CEO Jerry Yang and other directors were re-elected last week to its board with far fewer votes than previously thought.

On Tuesday, Yahoo said it learned that Broadridge Financial Services, a proxy accounting firm that handles submitting votes for major shareholders, forgot to include millions of votes in its tally. Five of Yahoo's nine incumbents received a much lower margin of approval after votes from Yahoo's largest institutional shareholders, Capital World Investors and Capital Research Global Investors, were belatedly added.

Capital Group on Monday had asked Broadridge re-examine the votes. Broadridge subsequently found it had failed to include 200 million votes from the Capital Group that were withheld for Roy Bostock, Ron Burkle and Yahoo CEO Jerry Yang, and 100 million votes withheld for Arthur Kern and Gary Wilson. Instead of an 85.4% shareholder approval, Yang actually received 66% of votes, and Yahoo chairman Bostock had 60% as opposed to 79.5% that was originally reported Friday. Yahoo's nine directors were running uncontested.

In a statement, Yahoo blamed Broadridge's mistake on a "truncation error" that resulted when share numbers exceeded eight digits.

Read the full story here

-OR-

Read about the most vocal dissenter -- who didn't bother to show up to the board meeting:

::On Carl Icahn's Settlement -- And New Responsibilities -- With Yahoo

Comments

[SD61]

Although Yahoo Mail is indispensable, the rest of Yahoo stinks. Behold, here is Yahoo's "news" tidbits on its front page today:

• Military jury convicts bin Laden's driver of supporting terrorism
• Bush to raise 'deep concerns' about China's human rights
• Families of victims briefed as anthrax documents are unveiled
• Poll: Many Americans say they're tired of hearing about Obama
• Freddie Mac loses $821 million on housing, credit markets
• Baby of surrogate mother in legal limbo after parents divorce
• Is yawning contagious for dogs? Researchers say yes

This is crap. Blatant, politically-spun fluff. Whoever is managing Yahoo's front page should be immediately fired.

[SD61]

Another snapshot of Yahoo, taken just a minute ago:

* Obama pokes at McCain over tide-pressure issue (AP)

"Tide" pressure? Apparently, the Yahoo managing editor can't even spell, or use a spell-checker.

Yahoo, you're a sad joke.

[HatingTheGame]

"Yahoo blamed Broadridge's mistake on a "truncation error" that resulted when share numbers exceeded eight digits."

Sounds like a new Y2k problem. Time to throw billions of dollars at it!

[Tom95134]

Where were they counting the votes, in Florida or Ohio?

"It's not the votes that count. It's who counts the votes." - Stalin

[Rule Of Law]

And I hear the supreme court is ready to step in if need be.

[iheardthisbefore]

Gimme a break.....­....
Uncle Icahn wants to keep counting the votes until HE WINS......

It's clear that the VULTURES are still circling Yahoo.....­to all our
detriment.

[mediamarv]

True.