Weight of opposition to Yahoo's Yang revealed

LONDON - The scale of shareholder opposition to Yahoo chief executive Jerry Yang's re-election to its board at last week's shareholder AGM, was bigger than it first reported, Yahoo has admitted.

Initially, Yahoo had announced that 14.6% of shareholders withheld their votes in Yang's re-election to the board.

But yesterday, Broadridge Financial Solutions, the company that counted shareholder votes at the AGM, admitted that 33.7% of shareholders withheld their votes in Yang's reelection.

In addition, Yahoo conceded that 39.6% of shareholders withheld their votes in chairman Roy Bostock's re-election, up from the 20.5% figure it initially announced.

The scale of the opposition from shareholders was borne largely out of frustration that Yahoo failed to agree to a takeover by Microsoft, despite the software giant's repeated attempts.

Analysts believe Bostock may be forced to step down following the admission that his shareholder support was so low.

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