oust existing directors<\/a><\/em><\/strong>.<\/p>\n\n\n\nBut Packer still owns about 36 per cent of the casino operator and his vote in favour of directors Jane Halton, John Horvath and Guy Jalland was decisive.<\/p>\n\n\n\n
However, after the votes, Horvath announced his intention to retire as director of Crown. In a later statement, Crown said he will remain a director until alternative arrangements are put in place.<\/p>\n\n\n\n
At the virtual meeting, John Alexander\u2019s retirement was officialised. He will remain an executive until January 2021.<\/p>\n\n\n\n
At the beginning of the meeting, chairman Helen Coonan said: \u201cThe inquiry currently being conducted by the Independent Liquor and Gaming Authority (ILGA) in New South Wales has raised serious and important issues. <\/p>\n\n\n\n
“In all of its history, Crown has never faced adversity like we are now but I\u2019d like to reassure all our investors, stakeholders and staff that the board is determined and willing to learn from the past.<\/p>\n\n\n\n
\u201cWe are undertaking tough and wide-ranging reforms to our management, structures, policies, procedures and culture to ensure we respond to these challenges and emerge a stronger and better organisation for it.”<\/p>\n\n\n\n
One of these reforms has to do with strengthening compliance, risk and audit procedures. KPMG was appointed as a statutory auditor during the meeting.<\/p>\n\n\n\n
Coonan “unreservedly apologised\u201d for the governance and risk management failings that came to light during the NSW ILGA inquiry.<\/p>\n\n\n\n
She noted that Crown has suspended all junket operations until next June. She said: \u201cWe recognise that we must be a leader in this area, and that simply accepting the practice of other operators is not good enough.\u201d<\/p>\n\n\n\n
Should Crown resume junkets operations, it will only be after extensive consultation with regulators and a review conducted by Deloitte, she said.<\/p>\n\n\n\n
She added: \u201cWe accept that these changes are not the end of our journey. On an ongoing basis, we are committed to always acting in a way that meets all of our obligations and satisfies community expectations as they evolve.\u201d<\/p>\n\n\n\n
Coonan confirmed Crown’s new Sydney casino is set to open in December, and that the company expects Crown Melbourne to begin a phased reopening in the near term.<\/p>\n","protected":false},"excerpt":{"rendered":"
At its annual general meeting, Crown’s chairman said the operator won\u2019t work with junkets without consultation with regulators and Deloitte. <\/p>\n","protected":false},"author":2,"featured_media":11145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Crown Resorts' annual general meeting addressed significant governance and risk management failings highlighted by the NSW ILGA inquiry and AUSTRAC investigation. Chairman Helen Coonan announced comprehensive reforms, including the suspension of all junket operations until June, pending extensive regulatory consultation and a Deloitte review. Billionaire James Packer's majority vote retained three directors amidst board changes, while the company prepares for its Sydney casino opening and Melbourne's phased reopening.","focusai_entities":"Crown Resorts, James Packer, Jane Halton, John Horvath, Guy Jalland, John Alexander, NSW gaming regulator, AUSTRAC, Independent Liquor and Gaming Authority (ILGA), Deloitte, KPMG","focusai_location":"Australia, New South Wales, Sydney, Melbourne","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Junket Resumption Criteria?","query":"What specific, measurable criteria will regulators and Deloitte establish for Crown Resorts to resume junket operations, and how will these be independently verified?"},{"label":"Governance Framework Evolution?","query":"Beyond the announced reforms, what specific enhancements to Crown's governance framework and internal controls are being implemented to prevent recurrence of past failings, and what is the timeline for full implementation?"}],"footnotes":""},"categories":[16336,157],"tags":[289,14657,23773],"class_list":["post-11143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-australia","tag-crown-resorts","tag-james-packer"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11143"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11143\/revisions"}],"predecessor-version":[{"id":21376,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11143\/revisions\/21376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11145"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}