With so much disappointment in the Yahoo board among shareholders, how did Chairman Roy Bostock and CEO Jerry Yang manage to get more votes this year than at last year’s shareholders meeting? That’s a question on the minds of Capital Research & Management, which sent proxy committees to represent its two funds that own a big chunk of Yahoo stock. The proxy committees recommended that votes for Bostock and Yang be withheld in order to demonstrate their disapproval of Microsoft’s bid.
Capital Research & Management has talked with Broadridge Financial Solutions about investigating the vote to see if some votes were not counted. The way the votes stand now, it would appear that if CR&M’s votes were counted – and they withheld them, they were among the only to vote against Bostock and Yang, which seems a bit odd given the current climate
Additionally, fewer votes were cast than last year, which only adds to the drama. On the one hand, perhaps fewer people wished to vote when they were so disappointed with the current board. On the flip side, wouldn’t more people want to show up during such an important year and make their voice heard? An investigation into the vote count could answer this question.
Yahoo has said they have played no part in a possible error in the count. Yahoo doesn’t perform the vote count, but instead a third party is required to do so.