Wynn (WYNN) Announces Proxy Advisory Firms ISS and Glass Lewis Support all Board of Directors' Proposals
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Wynn Resorts (NASDAQ: WYNN) today announced that leading independent proxy advisory firms, Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis"), have recommended that the Company's shareholders vote FOR all of the Wynn Resorts Board's proposals at the Company's 2019 Annual Meeting of Shareholders to be held on May 7, 2019.
Citing the Board's extensive, year-long outreach to understand and address shareholder concerns, each of the two leading proxy advisory firms endorsed Wynn Resorts' improvements and recommend shareholders vote "FOR" the Company's executive compensation proposal. Both ISS and Glass Lewis recommend that shareholders vote "FOR" all three directors who are up for re-election: Jay L. Johnson, Margaret J. Myers and Winifred M. Webb.
Philip G. Satre, Chairman of the Wynn Resorts Board of Directors, said, "Over the past year, the Board has engaged extensively with our shareholders and taken decisive action to improve our culture and governance. As we lead Wynn Resorts into the future, we will continue to seek input from all of our stakeholders and action on matters that are in the best interest of our guests, our employees and our shareholders. We appreciate the validation ISS and Glass Lewis have provided to us, through their rigorous reviews of the progress we've made."
In supporting Wynn Resorts' director nominees, Glass Lewis stated*:
"Given the very high level of refreshment of the Company's management and board, as well as the remedial actions taken by the Company following Mr. Wynn's ouster, we do not believe it is necessary for shareholders to oppose the election of any of the board's current directors based on the failings of former Company officials detailed by the [Massachusetts Gaming Commission] and [Nevada Gaming Control Board] reports."
In supporting Wynn Resorts' executive compensation, ISS stated*:
"The company has made a number of changes to its executive pay practices in 2018 and 2019 that are expected to strengthen the alignment of pay and performance."
* Permission to use quotations neither sought nor obtained
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