The Q&A portion of any annual meeting is usually a platform for small shareholders to get a megaphone on their pet issue. Large shareholders get to talk through the media or directly to management anytime they want, and don’t even bother showing up (like Carl Icahn). Not surprisingly, director and management pay was a major point of concern.

Chairman Roy Bostock rejected a suggestion that directors should step down due to large votes of no confidence in the past year. As for directors compensation, he noted: “We have set about determining a policy chance for the company… we have started with a reduction in compensation for the directors…. we have cut that back substantially.” As for a charge that Yahoo overplayed its hand in dealing with Yahoo, he simply called that a mischaracterization and misperception, echoing statements made in the original presentation.

—Competitiveness: Yang: “We are closing the RPS gap with Google… we think that continue…. we were behind two or three years ago.” Still he noted, the company will benefit by the Google (NSDQ: GOOG) deal in improving the monetization gap.

—Fantasy Sports: A classic shareholder meeting question: “I use Yahoo primarily for its fantasy sports. I’ve been to several shareholder meetings and no one has mentioned the Fantasy Sports division; that is the reason I have everything with Yahoo (NSDQ: YHOO). I’d like the company to continue to invest in that particular franchise.” Sue Decker: “I want to say thank you… it is a great product. It’s also a great example of how Yahoo adopted social and community very early.” When Yahoo becomes more social, you’ll be able to see which

—A New Metaphor: Given how long we’ve been writing about Microsoft-Yahoo, our well has pretty much run dry when it comes to metaphors. Fortunately, the same shareholder offered a new one. “You got the girlfriend who experienced the breakup, and is now trying to convince the world that she was the initiator and not the victim. And that situation never works out for anyone and you’ve go Microsoft (NSDQ: MSFT) as the strong silent type not saying anything. And you’ve got Mr. Bostock going around saving face…. if you have a bad breakup, walk away, don’t say anything.” Later on another metaphore referred to Microsoft as a “green-tentacled octopus from Redmond.” Again, may steal that one when appropriate.

—China: Lots of talk on the company’s controversial past business practices there. Management insists that the company has spoken out about human rights abuses and that it is developing a more details China code of conduct.