Wynn Resorts has announced that independent proxy advisory firms, Institutional Shareholder Services Inc and Glass Lewis & Co, have recommended that the company’s shareholders vote ‘for’ all of Wynn’s proposals at its 2019 Annual Meeting of Shareholders on May 7, 2019.
Citing the Board’s extensive, year-long outreach to understand and address shareholder concerns, each of the two leading proxy advisory firms endorsed Wynn Resorts’ improvements and recommend shareholders vote for the company’s executive compensation proposal.
Both also recommend that shareholders vote in favor of all three directors who are up for re-election: Jay L Johnson, Margaret J Myers and Winifred M Webb.
Wynn Board Chairman Philip G Satre explained: “Over the past year, the Board has engaged extensively with our shareholders and taken decisive action to improve our culture and governance. As we lead Wynn Resorts into the future, we will continue to seek input from all of our stakeholders and action on matters that are in the best interest of our guests, our employees and our shareholders. We appreciate the validation ISS and Glass Lewis have provided to us, through their rigorous reviews of the progress we’ve made.”
In supporting Wynn Resorts’ director nominees, Glass Lewis stated: “Given the very high level of refreshment of the company’s management and board, as well as the remedial actions taken by the company following Mr Wynn’s ouster, we do not believe it is necessary for shareholders to oppose the election of any of the board’s current directors based on the failings of former company officials detailed by the Massachusetts Gaming Commission and Nevada Gaming Control Board reports.”
ISS added: “The company has made a number of changes to its executive pay practices in 2018 and 2019 that are expected to strengthen the alignment of pay and performance.”