Largest Wynn shareholder urges new board nominee

A campaign against reinstating John Hagenbuch as a director of Wynn Resorts has been started by Elaine Wynn.

US.- Elaine Wynn, co-founder and largest shareholder of Wynn Resorts, announced that Institutional Shareholder Services (ISS), one of the world’s leading independent proxy advisory firms, has recommended that Wynn shareholders withhold votes from director nominee John Hagenbuch at the company’s annual meeting on May 16th in Las Vegas, Nevada.

“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 and objective oversight in the Wynn Resorts boardroom,” said Elaine Wynn. ISS also recommended that shareholders vote against the approval of Wynn’s say-on-pay proposal.

ISS is the second independent proxy advisor to call a vote to withhold on legacy director John J. Hagenbuch at this year’s annual meeting. “Given that Hagenbuch bears responsibility, along with other legacy directors, for failing to address longstanding governance and risk oversight shortcomings that appear to have magnified the fallout related to the former founder/CEO’s sudden departure, and that the benefits of his continued presence on the board do not seem to outweigh the risks associated with permanence, shareholders are recommended to WITHHOLD votes for Hagenbuch,” she 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 re-emerge in the future.

“If you agree that accountability and transparency are needed in the Wynn boardroom, please join me and WITHHOLD your vote from legacy director nominee John J. Hagenbuch at this year’s annual meeting on May 16th, 2018.”