Yahoo: Vote Miscount Confirmed, Actual Outcome Unaffected

YahooTabulator Broadridge Financial Solutions is now confirming, according to reports from WSJ – that mistakes — were in fact ‘made’ during the counting of Yahoo’s shareholder vote on Aug 1. However, the vote tabulator said a “truncation error” is to be blamed for the under-reporting of the number of votes withheld for some Yahoo directors. The firm also added, the changes would not have affected the overall outcome of the election, in which all Yahoo directors were re-elected.

Yesterday, Capital Research Global Investors, which holds a significant stake in Yahoo (YHOO), confirmed that it had approached Broadridge Financial Solutions, to investigate whether the Aug 1 votes were correctly counted since it expected more voiced opposition against Yahoo CEO Jerry Yang.

New revised tallies are yet to be released and obviously, the outcome of the vote at this point doesn’t seem in doubt. However, it would be interesting to see what’s the exact change in the votes and if the number is considerable.

Broadridge Financial Solutions emphasized the truncation error was only an isolated incident.

“Yahoo in statement on Monday said it accurately announced the certified results. The company “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,” the statement read.

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About Ron Haruni 1068 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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