Yahoo’s (NSDQ: YHOO) newly reconstituted board will meet for the first time next week, giving activist investor Carl Icahn his first chance at seeing the company workings from the inside, reports WSJ. The two other Icahn-supported board members, Frank Biondi and John Chapple, will also be there at the meeting this Tuesday. WSJ says it is not yet clear if Icahn will show up personally.
At the meeting, the board members will get an update on the still-ongoing talks between Yahoo and Time Warner/AOL (NYSE: TWX), and a possible combination. For now any talks are on a slow burner. Also, for sure, the Google-Yahoo advertising partnership and potential regulatory issues will be discussed.
As for Icahn and his responsibilities to the Yahoo board, our former investor Alan Patricof had this to say in July: “He will exercise his fiduciary duty to represent all of the shareholders and use his business judgment as to how to guide the company on strategic issues. He will also be restricted by Sarbanes Oxley on how he behaves and, if we are really lucky, he will be appointed to the audit committee and have the further burden of being a steward of the company