Yahoo! "Vote Scandal"

Yahoo! "Vote Scandal"
Aug 7, 2008 03:24
YVONNE Points: Join Date: Nov 29, 2004 Status: offline	Yahoo!'s CEO Jerry Yang, Chairman Roy Bostock and another director, Ron Burklehas have been involved in the "Vote Scandal". (Source: Yahoo!) According to the news, "200 million votes opposing the re-election of Yahoo Chief Executive Jerry Yang, Yahoo Chairman Roy Bostock and another director, Ron Burkle, were improperly registered as supportive at the company's annual meeting last week." "Nearly 40 percent of Yahoo shareholders voted against Bostock under the revised results, an unusually harsh rebuke of a board chairman. The original results listed 20 percent of Yahoo's shareholders opposing Bostock. Nearly 34 percent of Yahoo shareholders disapproved of Yang, according to the recount, up from 15 percent in the original results." As for the "Vote Scandal", Yahoo! says that it was Broadridge's fault (an audit). "Broadridge acknowledged Tuesday that a printing mix-up caused it to understate the number of shares that intended to vote against Yahoo directors. The firm didn't elaborate on how many shareholders besides Capital Research were affected. However, Broadridge processes votes in about 14,000 annual meetings each year, but hasn't found any similar mistakes in a review covering the past 18 months." The news said. The following table reflects the corrected Broadridge numbers: Director Shares For % For Shares Withheld % Withheld Roy J. Bostock632,023,65760.4%414,071,92739.6% Jerry Yang693,055,60266.3%353,039,98233.7% The following table shows the original voting results certified by the inspector of elections, as previously reported: DirectorShares For% ForShares Withheld% Withheld Roy J. Bostock832,023,65779.5%214,071,92720.5% Jerry Yang893,055,60285.4%153,039,98214.6% Although the error didn't affect the result of the election, it has shown that Jerry Yang's influence over Yahoo! has waned.

Aug 7, 2008 03:24

YVONNE
Points:
Join Date: Nov 29, 2004
Status: offline

Yahoo!'s CEO Jerry Yang, Chairman Roy Bostock and another director, Ron Burklehas have been involved in the "Vote Scandal".

(Source: Yahoo!)

According to the news, "200 million votes opposing the re-election of Yahoo Chief Executive Jerry Yang, Yahoo Chairman Roy Bostock and another director, Ron Burkle, were improperly registered as supportive at the company's annual meeting last week."

"Nearly 40 percent of Yahoo shareholders voted against Bostock under the revised
results, an unusually harsh rebuke of a board chairman. The original results listed 20 percent of Yahoo's shareholders opposing Bostock. Nearly 34 percent of Yahoo shareholders disapproved of Yang, according to the recount, up from 15 percent in the original results."

As for the "Vote Scandal", Yahoo! says that it was Broadridge's fault (an audit). "Broadridge acknowledged Tuesday that a printing mix-up caused it to understate the number of shares that intended to vote against Yahoo directors. The firm didn't elaborate on how many shareholders besides Capital Research were affected. However, Broadridge processes votes in about 14,000 annual meetings each year, but hasn't found any similar mistakes in a review covering the past 18 months." The news said.

The following table reflects the corrected Broadridge numbers:

Director Shares For % For Shares Withheld % Withheld
Roy J. Bostock632,023,65760.4%414,071,92739.6%
Jerry Yang693,055,60266.3%353,039,98233.7%

The following table shows the original voting results certified by the inspector of elections, as previously reported:

DirectorShares For% ForShares Withheld% Withheld
Roy J. Bostock832,023,65779.5%214,071,92720.5%
Jerry Yang893,055,60285.4%153,039,98214.6%

Although the error didn't affect the result of the election, it has shown that Jerry Yang's influence over Yahoo! has waned.

Aug 7, 2008 18:44

MARRIE
Points:
Join Date: Jan 7, 2008
Status: Offline

WOW, YVONNE, ARE YOUR SURE ((BROADRIDGE)) IS AN AUDITOR? OR JUST DATA ENTRY MISTAKE OR CODE ERROR THAT RESULTS IN MESSY PRINTING? ANYWAY, IT'S NO BIG DEAL THAT BROADRIDGE COUNTING ERROR AS FACT IS FACT

Wow, YVONNE, are you sure <<BROADRIDGE>> is an auditor? Or it's just a data entry mistake or code error that results in messy printing. Anyway, it's no big deal that Broadridge counted votes mistakenly as fact is fact that Jerry is waning.

Aug 7, 2008 21:44

YVONNE
Points:
Join Date: Nov 29, 2004
Status: Offline

Marrie, I don't know if Broadridge is an auditor. It is the news that reporrted Broadridge is an audit. As you said, Jerry is waning. Perhaps, he was afraid of being fired by other shareholders so that he made this "mistake". Just my guess.

"Broadridge processes votes in about 14,000 annual meetings each year, but hasn't found any similar mistakes in a review covering the past 18 months."

It is obvious that there is doubt about this "big mistake".

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