Yahoo shareholder revolt continues

THE YAHOO SHAREHOLDER revolt has continued despite the board winning more than 80 per cent of the votes that are guaranteed to keep it in power for a 100 years.

Now it seems that Capital Research Global Investors, which owns a 6.2 per cent stake in Yahoo, has asked for a review of how its votes were cast in last week's re-election of the Internet company's board.

It feels that opposition to the directors may have been understated.

Capital Research wants independent vote counter Broadridge Financial Solutions to make sure the fund's votes on the Yahoo directors were accurately transmitted.

Yahoo claims that the vote was not rigged saying that it did not participate in the execution of the votes and was not a party to any errors which may have been made, either by a voting institution, or a proxy processing intermediary acting on behalf of banks, brokers and institutions.

But according to Reuters, analysts confirmed that informal polling among major investors showed widespread dissatisfaction with Yahoo's handling of talks with Microsoft. They were surprised that Yang and co got such a high percentage of the vote. µ

L'Inq
Reuters