In a tense exchange between the executives, Carthy stepped up the rhetoric, claiming tech companies were using "military grade" tracking targeting and profiling of users and his solution is sending "a very clear signal" that this was not right. He said shine wanted "new rules of engagement" between consumers and advertisers.
Carthy did not stop there, likening Shine to a "nuclear weapon" facing the advertising industry,a remark Yahoo's Hugh dismissed as "a bit dramatic."
The trio did not resolve their differences but Google and Yahoo both talked about what they are doing to combat the rise of ad-blocking. Google said that its "Accelerated Mobile Pages" feature - which allows people to create stripped down web pages to load faster - will help advertisers get their ads seen more.
"That challenges the ad to be as quick as the content, that's the type of thing that really resets the contract we have between publishers and users," Faes said.
The ad-blocking debate is not likely to end soon but not all advertisers are gloomy about it.
"A whole golden age of advertising can evolve if we got it right...this is a good opportunity...we've got this inflection point where new formats are evolving, how do we seize the moment and get it right?," Pete Blackshaw, vice-president of digital and social media at Nestle, said during the panel.