California ? Yahoo Inc.’s board emerged largely unscathed from the Internet company’s annual meeting Friday as a subdued crowd of shareholders raised few questions about the directors’ rejection of Microsoft Corp.’s $47.5 billion takeover bid.

Some shareholders expressed displeasure by opposing the re-election of Yahoo’s current directors, but the resistance wasn’t as intense as last year, when three directors were rejected by more than 30 percent of the vote.

In this year’s balloting, only two directors – Chairman Roy Bostock and Arthur Kern – were opposed on ballots representing at least 20 percent of Yahoo shares. Yahoo Chief Executive Jerry Yang, who steered the Microsoft negotiations with Bostock, was approved by 85 percent of the votes cast.

The company’s stock price has fallen by 31 percent since Microsoft withdrew a takeover offer of $33 per share in early May.