Yahoo’s board escaped possible tremors at the annual meeting as a subdued crowd of shareholders raised few questions regarding the director’s rejection of Microsoft’s $47.5 bn takeover bid.

Few shareholders expressed discontent by resisting the re-election of Yahoo’s present directors, but the opposition was not as powerful as previous year, when three directors were rebuffed by over 30% of the vote.

Chairman Arthur Kern and Roy Bostock were the only two directors in this year’s balloting, who were opposed on ballots which represented at least 20% of Yahoo Inc.’s shares.  Yahoo’s CEO Jerry Yang was approved by 85% of the votes cast.

Earlier, activist investor and billionaire Carl Icahn had been campaigning to overthrow the firm’s entire board for rejecting the Microsoft offer. With a 5% stake in Yahoo, Icahn will join the firm’s board coming week and as part of his peace pact, can’t criticize his fellow directors.

The search company will include two more Icahn-endorsed members into the board by August 15. Jonathan Miller, former CEO of AOL, had been regarded as one of the leading candidates to occupy the other seats, but as part of a noncompete agreement that Time Warner Inc. (AOL’s owner) plans to enforce, he will apparently be precluded from doing so.

A Time Warner spokesperson said that the provisions stopping Miller from joining an AOL rival remain in effect through March next year.

Yang, who has failed to enhance Yahoo’s market value during the initial thirteen months of his control, is to be possibly succeeded by Miller.

Out of about 125 shareholders at the meeting, only two criticized the Microsoft negotiations. Moreover, two other shareholders expressed delight that Yahoo didn’t sell to the software leader. The remaining of the shareholder remarks included an array of topics, which included Yahoo’s human rights policies in China and women scarcity on its board.

Considering that its stock price is just above where it was six months before when Microsoft first announced its acquisition proposal, Yahoo’s biggest challenge is yet to come.

Yahoo’s co-founder, Mr. Yang assured the shareholders that his management team is following a turnaround plan in a deliberate and forceful manner, and promised to boost the company’s net revenue by 25% at least in each of the following two years.