LAS VEGAS (dpa-AFX) - Elaine P. Wynn, co-founder and the largest shareholder of Wynn Resorts, Limited (WYNN), announced that, in a report issued on May 5, 2018, Institutional Shareholder Services or 'ISS', one of the world's leading independent proxy advisor firms, has recommended that Wynn shareholders 'WITHHOLD' votes from legacy director nominee John Hagenbuch at the Company's annual meeting on Wednesday, May 16, 2018, in Las Vegas, Nevada.
ISS also recommended that shareholders vote 'AGAINST' approval of Wynn Resorts' say-on-pay proposal.
Commenting on the ISS report, Ms. Wynn said, 'I am pleased to see further support for my efforts to ensure that the Company takes the actions necessary to truly become the 'New Wynn.' I urge my fellow shareholders to join me in voting for accountability ad objective oversight in the Wynn Resorts board room.'
ISS joins independent proxy advisor firm Glass, Lewis & Co., LLC in supporting Ms. Wynn's call to vote WITHHOLD on legacy director John J. Hagenbuch at this year's 2018 Annual Meeting.
Ms. Wynn believes that Mr. Hagenbuch's role as a longtime member of the Compensation Committee and on the Special Committee responsible for overseeing the investigation into allegations of sexual harassment by his close friend, Stephen A. Wynn, the Company's former Chairman and CEO are problematic and concerning.
Commenting on the actions by the legacy directors in response to the allegations against Mr. Wynn, ISS said: 'This election will serve as a referendum not only on whether the current board has done enough to stem the fallout of the accusations against Steve Wynn, but also on whether the current board composition is sufficiently robust to minimize the possibility that similar issues reemerge in the future.
Ms. Wynn added, 'If you agree that accountability and transparency are needed in the Wynn boardroom, please join me and WITHHOLDyour vote from legacy director nominee John J. Hagenbuch at this year's annual meeting on May 16, 2018.'
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