According to Mercury News,
At least two independent proxy advisory firms are urging Yahoo shareholders to protest Chief Executive Terry Semel’s $71 million pay package with a symbolic vote against the re-election of three members of the board of directors who are responsible for executive pay.
Yahoo’s annual shareholders meeting will be held Tuesday.
Last week, Institutional Shareholder Services noted that Semel is one of the highest-paid CEOs in America, despite a slowdown in Yahoo’s revenue growth in 2006 and a 60 percent decline in net income compared with 2005. Yahoo’s stock also fell 35 percent in 2006.
“It appears that CEO Semel is rewarded when times are good … and when times are bad,” ISS said. Separately, Proxy Governance said Semel’s pay is more than 900 percent above the median paid to CEOs at peer companies like eBay or Electronic Arts.
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