Internet giant Yahoo meets shareholders today and the board is expected to face anger from investors over the company's failure to reach a merger deal with Microsoft.

Shareholders are also worried about the company's performance and failure to gain traction against rival Google.

However, Yahoo has headed off a full-scale campaign to oust its board at the meeting, having earlier reached a compromise that appoints activist Carl Icahn and two of his allies as directors today.

Yahoo expanded the now 11-member board as part of a deal with the company to avoid a proxy battle.

Icahn had also failed to convince large institutional investors that he had any alternative for turning the business around now that the Microsoft deal is off the table.

But that does not mean Yahoo's management is off the hook.

Icahn, who says Yahoo should have accepted the $44.6 billion (£22.49 billion) bid by Microsoft for the company, holds nearly 5%.

He is now downplaying the importance of today's meeting, saying he plans to skip the meeting himself.

But he has pledged to step up pressure on Yahoo executives once he joins the board.