Yahoo! Shareholders Show Discontent

Updated from June 12

The last year has been tough for Yahoo!(YHOO Quote).

So it's no surprise that the company's annual shareholder meeting on Tuesday was hardly a cakewalk.

Shares of Yahoo! finished Tuesday at $27.05, down 10% from where they were trading a year ago. The broader Nasdaq index, meanwhile, has gained almost 25% in the same time fame. Over the past two years, the Nasdaq has outperformed Yahoo! by more than 45%.

And the discontent showed among Yahoo! shareholders, who re-elected some of the company's board with only a 66% vote of support. Last year, by contrast, a greater-than-95% majority voted to re-elect all of the board.

Some Yahoo! investors also found the company's vision for regaining momentum to be deficient in substance. "There has been a lack of detail about how they are going to win with regard to what they have communicated to the public and to shareholders," says Eric Jackson, a Yahoo! investor who has waged a high-profile battle to hold management's feet to the fire.

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"A lot of the plans they have sound like motherhood and apple pie. Who can be against being a leader in mobile?" he says.

But the company may not be delivering on the rhetoric. Jackson complained to the board about the quality of Yahoo!'s Go service, which was launched at the beginning of this year to much fanfare from the company.