Yahoo vote misreported
Yahoo Inc., the Internet company that defused a fight for control of its board last month, overreported the percentage of shareholders supporting its directors because of a technical error, a vote counter said.
A transmission error by Broadridge Financial Solutions Inc. caused Yahoo to show fewer votes withheld from board members in the results of its Aug. 1 shareholder meeting, Broadridge said today. A revised report submitted to Yahoo today won't change the election's outcome.
The new results, which Broadridge didn't disclose, may show weaker backing for Chief Executive Jerry Yang, who won 85% of votes in the first tally. Yahoo investor Capital Research Global Investors asked Broadridge to review the total Monday. Capital Research has been critical of Yang's rejection of a Microsoft Corp. acquisition offer this year.
Broadridge collected votes from its clients and passed them on to Yahoo's independent election inspector. The final printout sent to the tabulator was truncated, Broadridge said today.
Diana Wong, a spokeswoman for Sunnyvale, Calif.-based Yahoo, didn't immediately comment.
Yahoo had faced a proxy fight for control of the board from billionaire investor Carl Icahn. The two sides forged a truce in July, when Yahoo agreed to give board seats to Icahn and two directors he endorsed.
