Thursday, August 09, 2007

Yahoo!'s Annual Meeting Against Vote

Last evening, Yahoo! released its 10Q. In it, they disclosed the final shareholder "against" votes from the June 12th Meeting.

Here are the numbers (not including abstentions) from this year's vote and how that compares to last year's vote:

  • Arthur Kern - 33% Against Vote (up 33x from 1.0% last year)
  • Ron Burkle - 33% Against Vote (up 33x from 1.0% last year)
  • Roy Bostock - 31% Against Vote (up 26x from 1.2% last year)
  • Robert Kotick - 8% Against Vote (up 4.2x from 1.9% last year)
  • Gary Wilson - 7% Against Vote (up 5.4x from 1.3% last year)
  • Vyomesh Joshi - 7% Against Vote (up 7.8x from 0.9% last year)
  • Eric Hippeau - 6% Against Vote (up 2x from 3.0% last year)
  • Ed Kozel - 6% Against Vote (up 6.7x from 0.9% last year)
  • Jerry Yang - 6% Against Vote (up 7.5x from 0.8% last year)
  • Terry Semel - 6% Against Vote (up 4.3x from 1.4% last year - although 2 million more votes were marked "abstain" for him compared to the other directors)

Finally, 34% voted "for" the pay-for-performance stockholder proposal.

All in all, it was a much more sizable "against" vote -- and one that hit all directors, not just a few -- compared to a year ago when only 1 to 2% (which is the norm for most votes) of the votes cast were against various directors. These are historically very significant year-over-year changes for a shareholder vote.

It suggests that further changes at the board-level should be followed through on by Yahoo!'s new team to respond to the voices of discontent from the shareholders.

Here's a recap of the "Plan B" campaign ads leading up to the Annual Meeting:

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