HONG KONG, Sept 27 Yahoo Inc joined
Japan's SoftBank Corp on Friday in backing Alibaba
Group Holding Ltd's planned partnership structure.
The U.S. Internet company, Alibaba's second-largest
shareholder with a 24 percent stake, said it's important for
technology companies to be able to preserve their culture and
"As one of Alibaba's largest shareholders, Yahoo believes
that management's efforts reflect the desire to govern the
company for long-term success while also balancing the rights of
shareholders," Jacqueline Reses, chief development officer of
Yahoo and a member of Alibaba's board of directors, said in a
Alibaba, which is preparing for an initial public offering
valued at up to $15 billion, is looking to keep top management
decisions within the partner group by giving it the right to
nominate a majority of board members in the company.
The proposal has clashed with governance rules in Hong Kong,
where it originally wanted to hold the IPO, prompting the
company to shift its focus toward a U.S. listing. No final
decision has been made.