American casino operator Wynn Resorts Limited has reportedly refused a request from its largest individual shareholder, Elaine Wynn (pictured), to reopen the nominating window for new directors so that she could propose a selection of independent candidates.
According to a report from GGRAsia, 75-year-old Wynn helped to establish Wynn Resorts Limited in partnership with her former husband, Steve Wynn, and currently holds around 9.25% of its stock. Via a Tuesday letter, she had purportedly asked the firm to swiftly revive the nominating process so that it could restructure its board and improve its corporate image in the wake of the early-February resignation as Chief Executive Officer of her 76-year-old ex-husband amid multiple allegations of sexual misconduct.
The Wall Street Journal earlier reported that the younger Wynn’s letter explained that she was determined to maximize the value of Wynn Resorts Limited while ‘fully restoring its reputation and in transforming it into a corporate-governance leader’. To do so, she purportedly detailed that she would like to propose new board members that ‘would be independent of the company, Steve Wynn and myself’.
However, yesterday reportedly saw Daniel Boone Wayson, Chairman for Wynn Resorts Limited, refuse the request via a letter of his own on grounds that the nominating process for new directors had ended ‘nearly three months ago’.
“As you are aware, the director nomination deadline established under the company’s by-laws and disclosed in our 2017 proxy statement closed nearly three months ago on January 21, 2018,” reportedly read the letter from Wayson. “We do not believe that reopening the advance notice nomination deadline is appropriate or justified.”
Wayson’s letter moreover reportedly declared that the Las Vegas-based casino operator’s leadership had already undergone ‘immediate and meaningful change’ following the Wednesday addition of a trio of female independent directors. These newest executives encompass Margaret ‘Dee Dee’ Myers, Betsy Atkins and Winifred ‘Wendy’ Webb and take the company’s Board of Directors up to eleven members with 36% being women.