Broadridge Financial Solutions Messes Up Yahoo! Board Vote Count, But Fixes It Immediately


Broadridge Financial Solutions was responsible for counting the votes at the Yahoo! Inc. (NASDAQ:YHOO) shareholder annual meeting.  After Capital Research and Ironfire Capital’s Eric Jackson challenged Yahoo!’s counting process because they believed there should have been more opposition against Jerry Yang and Roy Bostock, the search engine company insisted that the votes were counted correctly. 

However, Broadridge Financial Solutions stated that there was a truncation error that led to the under-reporting of the number of votes.  But Broadridge stated that the error didn’t affect the outcome of the election where all of Yahoo!’s directors were re-elected. 

Broadridge stated that this incident was isolated.

“The independent inspector of elections certified the results of the election and Yahoo accurately announced those results,” read a statement released by Yahoo!  “[Yahoo!] did not participate in the execution of the votes and was not a party to any errors which may have been made either by a voting institution or a proxy processing intermediary acting on behalf of banks, brokers and institutions.”

Below are the corrected voter recounts provided by Broadridge:

 
 
Director   Shares For   % For   Shares Withheld   % Withheld
Roy J. Bostock   632,023,657   60.4%   414,071,927   39.6%
Ronald W. Burkle   649,373,291   62.1%   396,722,293   37.9%
Eric Hippeau   948,862,579   90.7%   97,233,005   9.3%
Vyomesh Joshi   971,594,650   92.9%   74,500,934   7.1%
Arthur H. Kern   714,871,925   68.3%   331,223,659   31.7%
Robert A. Kotick   967,044,818   92.4%   79,050,766   7.6%
Mary Agnes Wilderotter   964,939,727   92.2%   81,155,857   7.8%
Gary L. Wilson   756,006,576   72.3%   290,089,008   27.7%
Jerry Yang   693,055,602   66.3%   353,039,982   33.7%

Below is the original vote tallies:

Director   Shares For   % For   Shares Withheld   % Withheld
Roy J. Bostock   832,023,657   79.5%   214,071,927   20.5%
Ronald W. Burkle   849,373,291   81.2%   196,722,293   18.8%
Eric Hippeau   948,862,579   90.7%   97,233,005   9.3%
Vyomesh Joshi   971,594,650   92.9%   74,500,934   7.1%
Arthur H. Kern   814,871,925   77.9%   231,223,659   22.1%
Robert A. Kotick   967,044,818   92.4%   79,050,766   7.6%
Mary Agnes Wilderotter   964,939,727   92.2%   81,155,857   7.8%
Gary L. Wilson   856,006,576   81.8%   190,089,008   18.2%
Jerry Yang   893,055,602   85.4%   153,039,982   14.6%

Will this affect the outcome?  Highly unlikely.  Will shareholders be upset that Roy Bostock and Jerry Yang did not receive a higher percentage vote for staying on the board?  Pretty likely.

Related Link:
1. Silicon Alley Insider

This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at

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