Yahoo’s board slate gets backing
Despite widespread investor discontent, the recommendations are in, and -- for the most part -- Yahoo Inc.'s board passed.
RiskMetrics Group endorsed Yahoo’s slate of directors Thursday, though it expressed reservations about the board’s decision to adopt a controversial severance compensation plan and about the way it handled failed merger talks with Microsoft Corp.
The report from the shareholder advisory firm says Yahoo investors should reelect Chief Executive Jerry Yang and seven other directors.
The endorsement came on the heels of the board’s truce with billionaire Carl Icahn, which gave Icahn a seat at the table and allowed him to recommend two other directors. One is likely to be former AOL Chairman Jonathan Miller.
RiskMetrics said the agreement should allow directors to tackle compensation issues and the direction of the struggling Internet company.
On Wednesday, Egan-Jones Proxy Services recommended that Yahoo shareholders support the board at the annual meeting Aug. 1.
Recommendations from the advisory firms don’t matter much anymore now that Icahn is no longer attempting to oust the Yahoo board and fire Yang.
Instead, Microsoft is on the hot seat with its shareholders for online ambitions that are in disarray and for the departure of its online business chief.