Tuesday, August 5, 2008

Yahoo Vote Count Readjusted Big Time

File under interesting.

A recalculation of the Yahoo shareholder vote reveals Chief Executive Jerry Yang received just 66.3% of the vote for re-election -- not the 85% originally reported.

The changes made Tuesday revealed that 200 million votes opposing the re-election of Yahoo Chief Executive Jerry Yang, Yahoo Chairman Roy Bostock and another director, Ron Burkle, were improperly registered as supportive at the company's annual meeting last week.

Convinced that its opposition to Yahoo's board wasn't reflected in last week's vote, Capital Research demanded an audit from Broadridge Financial Solutions, the processing firm responsible for casting the ballots for a wide range of institutional investors.

Broadridge acknowledged Tuesday that a printing mix-up caused it to understate the number of shares that intended to vote against Yahoo directors. The firm didn't elaborate on how many shareholders besides Capital Research were affected.

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