Yahoo admits voting errors during AGM
By Andrew Redfern @ 6th August 2008 5:08 pm
Yahoo has been forced to admit that the resounding vote of confidence given by it’s shareholders at the firm’s general meeting was not as resounding as first reported.
A report in today’s Guardian say a 3rd party company charged with tallying the votes made a mistake and as a result returned a much higher vote in favour of Jerry Yang and his fellow board members. The company say “A truncation error occurred in reporting share numbers that exceeded eight digits”. The upshot is that instead of the small 14.6% not voting for Yang’s reelection the acutal amount was 33.7%. Roy Bostock’s reelection was similarly effected with his opposition level going from 20.5% to 39.6%.
The miscount was blamed on Broadridge Financial Services which acts as a proxy for shareholders.The mix up does not change the results of the votes but is embarressing after the meeting and the subsequent controversy over the size of the vote of confidence.
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