Shareholders reject Wynn Resorts’ compensation package

In a rare incident of public rebuke, shareholders in Wynn Resorts Ltd. voted strongly against the company’s executive compensation plan. This is seen as further jolt to the company that has already been ricked by the sexual-misconduct allegations against its founder Steve Wynn.

At an annual shareholders’ meeting last week, 80 per cent of the shareholders voted against the company’s compensation plan. A Wynn Resorts spokesman indicated that the company was prepared to act on the result. The board is working to move the casino giant from “a founder [led] company to a more traditional global enterprise,” he said. “Compensation practices will be a part of that evolution, and we look forward to the future support of our stockholders through the process.”

In a separate filing Tuesday, Wynn Resorts WYNN, −0.16%   announced that the board’s compensation committee would be composed of three new female directors who were appointed last month.

Source: marketwatch.com