Yahoo!'s (NASDAQ: YHOO) annual meeting is likely to be a battleground this year, with shareholder angst over CEO Terry Semel's $39.8 million dollar pay package in 2006. Institutional Shareholder Services is advising that shareholders withhold their votes from the three members of the company's compensation committee up for re-election, and the United Brotherhood of Carpenters Pension Fund will be asking shareholders to consider a proposal that would require that performance bonuses only be paid when the company has performed well.

What a novel concept. Next thing ya know schools will only be giving A's to students who do their homework.

Yahoo shareholders have a lot to complain about. The chart to the right shows how poor the stock's performance has been over the past three years. What will be the outcome of all the hand-wringing and complaining at the annual meeting? Most likely nothing. But it's always fun to follow annual meetings with righteously indignant shareholders, and the webcast may be worth tuning into today at 1:00 pm ET.

For some interesting stories of annual meetings and corporate governance inaction in action, check out A Weekend With Warren Buffett and Other Shareholder Meeting Adventures.