Wynn shareholders reject compensation plan

The executives overwhelmingly voted against a compensation plan at its annual meeting last week.

US.- Wynn Resorts Ltd shareholders gathered last week at the annual meeting to vote for a compensation plan. However, almost 80 per cent of the shareholders voted against the proposal, and only 19.7 per cent were in favour.

The company said during a regulatory filing on Tuesday that 78.9 per cent of Wynn shareholders voted against the compensation proposal, while 19.7 per cent voted in favour. A Wynn Resorts spokesman has recently said to the Wall Street Journal that they were ready to act on the result of the voting and that compensation practices will be a part of the company’s proposed evolution: “We look forward to the future support of our stockholders through the process,” he said.

Before the meeting, the company’s compensation committee had approved and amended an agreement with Matt Maddox, CEO of the group, which establishes a base salary of US$2 million per year, and with Kim Sinatra, the executive vice president and general counsel of the firm. Craig Billings, Wynn’s chief financial officer, also reached an agreement with the company.