The Inmates ARE Running The Asylum

Posted: June 13, 2007 in Uncategorized
I watched the YHOO annual meeting webcast yesterday.  Unbelievably, Semel was not directly confronted on the most obvious question:
    
     "What objective measures did the board use to arrive at Semel’s comp package?"
 
There’s only one measure that shareholders care about… since GOOG’s IPO:  GOOG up 6x… YHOO down -4%.
 
Yet, Semel is the #1 top compensated CEO in 2006.  (AP analysis of 386 public companies and top corporate paychecks.)
 
Yesterday’s annual meeting confirmed it:  The inmates ARE running the asylum.
 
In fact, the way the pay-for-performance proposal was dismissed was almost offensive.  "Deemed not in best interest of shareholders."
 
Having some experience with this stuff, it seems to me that YHOO’s board should be deemed not in the best interest of shareholders.
 
Don’t know why this gets me so heated but I think it represents the worst abuse of corporate governance and exec comp.
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