Yahoo! AGM ends without headway for Microsoft bid

The much publicized August 1, 2008 Annual General Meeting (AGM) of Yahoo! stockholders ended at the weekend without any headway for the Microsoft proposal to buy into the leading global Internet company.

This development came in the wake of reports that billionaire proponent for Microsoft take over of Yahoo! search engine, Mr. Carl Icahn, was absent at the Yahoo! AGM.

Even as Yahoo! incumbent nine-man board of directors were returned ‘unopposed’ in addition to the AGM approving additional three vacancies in the board to bring the figure to 11. The remaining three new members would be announced in August 15, this year.

A press statement from Yahoo! headquarters in California, at the end of company’s AGM held Friday, stockholders re-elected all of Yahoo!’s nominees to the Board of Directors.

Additionally, stockholders voted to approve the ratification of the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm, just as they rejected proposals relating to a pay-for-superior-performance principle for executive compensation, the establishment of policies on Internet censorship and the creation of a board committee on human rights.

Re-elected chairman of Yahoo! Mr. Roy Bostock, said they are now more than ever before looking forward to execute the strategy and continued to build a great company.

Last year, Bostock noted that Yahoo!’s board of directors and management took steps to thoroughly reexamine the Internet company’s direction and improve the performance.

“Since then Yahoo! has made significant strides in executing on its strategy, performing particularly well in light of the challenging circumstances of the past six months. Our Board looks forward to continuing to work with management to maximize value for all stockholders,” he said.

The chief executive officer, Yahoo!, Mr. Jerry Yang, pointed out that the company is at a unique point in its history with the eyes of the world focused on Yahoo! and tracking its performance.

He reiterated the commitment of the management in sustaining profitable growth for Yahoo! stockholders.

“The value inherent in Yahoo!’s unique collection of assets is truly extraordinary, and the progress we’ve made on our initiatives this year signals our ability to capitalize on the underlying potential of these assets,” Yang said.

Following the resignation of one of its board of directors, Mr. Robert Kotick, Yahoo! board appointed Microsoft advocate, Mr. Carl Icahn to the board to fill the seat vacated with immediate effect.

The board further voted to expand the board from nine (9) members to 11 while August 15, 2008 has been slated for the board to announce the names of the new three directors, which report said are likely to be anointed by Mr. Icahn.

Currently, Yahoo! board is made up of Roy J. Bostock, chairman, Ronald W. Burkle, Eric Hippeau, Vyomesh Joshi, Arthur H. Kern, Robert A. Kotick (replaced by Mr. Icahn), Mary Agnes Wilderotter, Gary L. Wilson and Jerry Yang.


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