Jerry Yang & co. were supported by a smaller number of investors than we first thought
Written by IT News on 5:56 AM
Given the results of the last election, it appears that Yahoo! S board received more credit from investors than any expected. Most of the current directors have voted by at least 80% of the shareholders, which gave them a sense of security, but now things are not as bright as they appeared on 1 August.
As we have already reported, Capital Research & Management investors expressed their conviction that the results were released after the annual meeting of the shareholders and directors are not correct, and it seems as if they were right. Yahoo! released yesterday a correction, which shows some rather large differences between the results of the vote that it was previously announced and the actual results.
Some of the most notable failure occurred at Yahoo! CEO Jerry Yang. First, the positive votes accounted for 85.4% of the total, but after the recount, it turns out that only 66.3% of the investors who actually supported him, which means that the number of votes withheld doubled. Roy Bostock, chairman of the board, was supported by only 60.4% of investors, which is 20% less than it was previously reported. Other key differences can be seen in cases of Ronald Burkle, Arthur Kern and Gary Wilson, each of them is attributed to more votes than they actually were.
Broadridge Financial Solutions, the company processed Yahoo! The vote results, admitted to have misjudged the number. It was not a human error, since the company said, but the failure of a counting system. "In particular, as Broadridge published earlier in the day, when Broadridge reported voting results for" give ", a truncation errors in reporting shares figures that exceeded the eight digits." says Yahoo! in a press release.
The new results did not lead to changes on the board, but underlined the fact that investors are not very happy with the situation. Due to the share value fell from $ 33, so it was evaluated in May, when Microsoft placed an offer to acquire the entire company, to less than $ 20, so it is estimated today.
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