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Thread: Yahoo! "Vote Scandal"

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[quote=YVONNE,310510]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. 
[/quote]

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