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Elaine Wynn retains merit despite unsuccessful efforts to remain board executive

02 May 2015

After a rather challenging battle to retain her place on the Wynn Resorts board of executives, Ms Wynn was unsuccessful in all her efforts, however she kept strong in her stride and advised that her efforts served a purpose, regardless.

In a recent statement to media in last April, Ms Elaine Wynn commented as follows: “While I am certainly disappointed by the result of the overall vote, I am hopeful that I have once again served as an agent for change and improvement for this company which I love so deeply,” Wynn mentioned in a statement issued after the company announced the preliminary results of a proxy vote at its annual shareholders meeting.

Wynn Resort’s announced recent election preliminary results of which members John Hagenbuch and Edward Virtue, and who have now been re-elected to the board. The overall results was affirmed and audited by IVS Associates, who inspected the elections last week. Wynn Resort’s also reiterated its commitment to expand the board through more diversification of its new members.

Ms Elaine Wynn said: “I have believed all along that this board was better and would be held more responsible for its actions with me as a member of it. I am gratified to hear from so many investors that this proxy contest was a success in that it brought to light critical corporate governance concerns at Wynn Resorts such as independence, expertise and diversity in the boardroom and the impact they have on key issues that our company is facing including compensation practices and succession planning. It remains to be seen if the directors of this company will deliver on the commitments they have made to greater independence, diversity and oversight of management. I, however, as the third-largest stockholder, remain committed to holding all accountable and will now do so from a position of greater strength. Thank you, my fellow stockholders, for your continued support of me and the continued success of Wynn Resorts for our collective benefit.”

As Wynn Resorts announced the overall results in full, the company have acknowledge Ms Elaine Wynn in its statement to the media as follows: “We look forward to expanding the board with one or more qualified, diverse and independent directors by the end of 2015, which is a key step in our ongoing effort to enhance the board’s independence, broadening the skills and experience of the board and increase its effectiveness. We thank Ms Elaine Wynn for her service on the Wynn Resorts board of directors.”

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