Global Proxywatch: Shareroots
From today's Global Proxywatch by Stephen Davis (Vol XI No 25):
Maybe you snickered on reading in January about Breakout Performance, a blog operated by Florida investor Eric Jackson (GPW XI-3). Jackson was trying to stir a netroots shareowner rebellion at Yahoo, which he blasted for lagging performance. But he held a mere 96 shares himself. No matter: Jackson swaggered that he'd use "blogging, vlogging, LinkedIn Answers, Flickr mash-up photos, wikis, and polling to force change." You don't have to understand details of what he was talking about. All you need to know is that at Yahoo's June 12 AGM, some 33% of the vote - including lots of institutional investors - agreed with his call to oust certain directors. And within days CEO Terry Semel resigned. Put aside consequences for Yahoo. The bigger lesson is that there's now a formula to unlock potent netroots shareowner activism.
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