The Wall Street Journal: Wynn Resorts’ executive compensation plan rejected by shareholders

Shareholders in Wynn Resorts Ltd. voted overwhelmingly against the company’s executive compensation plan, according to results released Tuesday, a rare public rebuke of the corporation’s leadership in the months since founder Steve Wynn resigned amid sexual-misconduct allegations.

Shareholders voted nearly 80% of shares against the company’s compensation plan at an annual shareholders’ meeting last week, in a nonbinding referendum known as a “say on pay” vote.

A Wynn Resorts spokesman indicated that the company was prepared to act on the result. The board is working to move the casino giant from “a founder [led] company to a more traditional global enterprise,” he said. “Compensation practices will be a part of that evolution, and we look forward to the future support of our stockholders through the process.”

In a separate filing Tuesday, Wynn Resorts WYNN, -0.15%   announced that the board’s compensation committee would be composed of three new female directors who were appointed last month.

An expanded version of this report appears on WSJ.com.

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