Yahoo Rejects Anti-Censorship Proposal 150
Matthew Skala writes "The BBC reports that Yahoo! has rejected a shareholder proposal to adopt an anti-censorship policy, as well as one to set up a human rights committee to review the impact of Yahoo!'s operations in places like China. The interesting proposals are numbers 6 and 7 in the proxy statement available through EDGAR. This news comes on the heels of jailed Chinese reporter Shi Tao, suing Yahoo! for its involvement in his conviction, and Google's rejection of a similar proposal. The anti-censorship proposal was submitted by the same groups (several New York City pension funds) as the Google proposal. The proxy statement also includes the Board's recommendations — "strongly oppose[ing]" both proposals — with explanations of their reasoning."
The Board's Response (Score:2, Informative)
Yahoo! shares the proponent's commitment to human rights, and as described in more detail in the board's statement in opposition to proposal no. 6 in this proxy statement, the Company's management team has already instituted practices and initiatives that are designed to assess the implications of the Company's activities and policies and to protect and advance essential freedoms, such as freedom of expression and privacy rights.
To further advance thinking and practices around the promotion of free expression and privacy, Yahoo! is actively engaged in a formal dialogue, co-facilitated by Business for Social Responsibility and the Center for Democracy & Technology, that includes industry counterparts, various human rights groups, academic institutions and socially responsible investors. This diverse group aims to produce a set of global principles and operating procedures on freedom of expression and privacy to guide company behavior when faced with laws, regulations and policies that interfere with human rights. The group's goals also include creating an implementation, accountability and governance framework, as well as a forum for sharing ideas.
These practices and initiatives have been developed by Yahoo! management based on its thorough and careful consideration of the inherent complexities associated with operating under the laws of multiple foreign countries. The board of directors believes that Yahoo!'s management team, with its day-to-day involvement in the Company's business operations and its detailed understanding of the legislative and regulatory landscape of the countries in which the Company operates, is in the best position to assess these matters and to make informed judgments as to what practices and policies are most likely to promote the interests of the Company and its stockholders and users.
Re:The Board's Response (Score:3, Informative)
This is always the case at an AGM. I've never seen the board recommend FOR a stockholder proposal, nor have I ever seen one voted in. They are a waste of time regardless of the company.
Re:What if they don't comply? (Score:3, Informative)