As the WSJ reports today in an article entitled Some Yahoo Investors Withhold Votes, some large shareholders withheld their votes for Yahoo!’s compensation-committee members:

…after corporate-governance firm Institutional Shareholder Services raised concerns about Chief Executive Terry Semel’s pay. At the annual shareholder meeting Thursday, holders withheld 16.7% of votes for Robert Kotick, 16.8% for Gary Wilson and 18.4% for Arthur Kern, the three board members who make up the compensation committee.

Part of Mr. Semel’s pay package amounts to:

…Mr. Semel received a bonus option to purchase 1.8 million Yahoo shares and an annual-review option to buy four million shares in March 2004, followed by a fully vested option to purchase 1.2 million shares, among other awards.