Gambling in the USA

Shareholders reject Wynn Resorts’ compensation package

Published

7 years ago

May 25, 2018

Niji Narayan

Reading Time: < 1 minute

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

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.