Hedge fund activist Daniel Loeb, head of Third Point, is causing quite a stir with his letter to the board of directors at Yahoo. He’s not happy with the direction of the company, incensed at the level of communication he’s been receiving, and appears determined to put up an alternate slate of four directors.
It’s a situation with all the makings of a traditional proxy fight—unless the company is willing to make concessions to Third Point—and Loeb is no stranger to shareholder activism. But proxy fights (or contests, to be more polite) are not the only avenue for shareholders to have input on who occupies the boardroom. Boiling tensions between shareholders and directors can also be vented via proxy access proposals.
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