Wynn investors vote down compensation package

Shareholders in Wynn Resorts voted by an overwhelming majority to reject a new executive compensation package presented by management.

According to a Securities and Exchange Commission filing, 55,926,886 shareholders voted against, with 13,972,222 in favor and 186,538 abstentions.

The shareholder revolt was driven by Elaine Wynn, the company’s co-founder and largest shareholder. She has been fighting for change at the board level since her former husband was forced to quit in February over allegations of sexual misconduct.

Wynn urged investors to vote against the so-called “say for pay” compensation package and also fought against the reelection of John Hagenbuch as a board member, accusing him of being a legacy member linked to her ex. Under pressure, he stepped down earlier this month.

 

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