Mr. Yang

Today marks the anticipated annual shareholders meeting for Yahoo. Having avoided a potential ousting by making a devil's pact with investor Carl Icahn, CEO and co-founder Jerry Yang turns his mind to other matters.

Topics expected to be addressed among shareholders today include:

• Why the company really turned down Microsoft's takeover bid
• How Yahoo expects to recover from Wall Street disappointments
• What the company's plans are with Time Warner, which purportedly planning to fold AOL into Yahoo

According to The Guardian, Yang will be hard-put to explain what exactly happened during the Microsoft takeover talks — which could have added $48 billion to Yahoo's coffers. (Current stock market prices value the company at $27.3 billion). Many think his decision to reject the offer was personal, a suspicion highlighted by a well-publicized exodus of Yahoo executives in the first half of the year.

"The Microsoft negotiations were just the latest example of negligence by this board," said investor Eric Jackson, who represents a group of stockholders with over three million shares. "There is still a lot of anger and frustration among shareholders right now."

Carl Icahn will not attend the meeting. "It will not do shareholders or Yahoo any good to have the annual meeting turn into a media event for no purpose," he wrote on his blog yesterday.