{"id":152901,"date":"2020-10-22T06:42:59","date_gmt":"2020-10-22T13:42:59","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=152901"},"modified":"2020-10-22T10:54:27","modified_gmt":"2020-10-22T17:54:27","slug":"james-packer-vote-saves-directors-skins-at-crown-resorts-agm","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/james-packer-vote-saves-directors-skins-at-crown-resorts-agm\/","title":{"rendered":"James Packer Vote Saves Directors\u2019 Skins at Crown Resorts AGM, Executive Pay Voted Down"},"content":{"rendered":"

Australian billionaire James Packer used his ownership clout Thursday to save three Crown Resorts directors up for reelection at the company\u2019s annual general meeting.<\/p>\n

\"James
James Packer, seen here, owns 36 percent of Crown Resorts. He used his position to save three board members on Thursday. (Image: The Australian<\/em>)<\/figcaption><\/figure>\n

An influential organization told Crown Resorts’ shareholders that poor governance would not be tolerated, leaving the fate of the three directors hanging in the balance. The organization advises Australia’s biggest pension funds.<\/p>\n

The company is currently the subject of a public inquiry into allegations of anti-money laundering failures<\/a> and involvement with junket operators with links to organized crime.<\/p>\n

Shareholders Revolt<\/strong><\/h2>\n

Minor shareholders heeded the call and largely voted to boot out the directors, prompting Packer, who owns around 36 percent of the company, to come to the rescue. Nevertheless, one board member, John Horvath, promptly resigned, acknowledging he had been spared only by Packer\u2019s vote.<\/p>\n

Horvath received a vote of 58.4 percent. That\u2019s more than the 50 percent needed to stay. but without Packer, it represents the approval of just 22 percent of shareholders.<\/strong><\/p>\n

The other two, Jane Halton and Guy Jalland, have vowed to remain. Jalland is a Packer appointee and the boss of the billionaire\u2019s private investment firm, Consolidated Press Holdings. He\u2019s digging in his heels despite 41 percent of shareholders wanting him out.<\/p>\n

Bye-Bye Bonuses <\/strong><\/h2>\n

But shareholders also made their dissatisfaction heard by voting down a resolution to adopt the remuneration report. Under Australian corporate rules, if shareholders reject a remuneration report for two years in a row, they can then call for a resolution to remove the whole board.<\/p>\n

Crown chair Helen Coonan<\/a> on Tuesday admitted while giving testimony to the public inquiry that the company had facilitated money laundering, but had done so through \u201cineptitude\u201d rather than any criminal intent. On Thursday, she apologized unreservedly to shareholders for the board\u2019s failures.<\/p>\n

In all of its history, Crown has never faced adversity like we are now \u2013 but I\u2019d like to reassure all our investors, stakeholders, and staff that the board is determined and willing to learn from the past,\u201d <\/strong>Coonan told the AGM.<\/p><\/blockquote>\n

\u201cThe board accepts that there needs to be an injection of new perspectives and expertise on our board. These changes need to be undertaken in a considered and thoughtful manner to ensure an orderly transition,\u201d she added.<\/p>\n

Packer Could Divest<\/h2>\n

The inquiry will ultimately determine whether the Crown should retain its gambling license in New South Wales. The company hopes to open a $2 billion casino in state capital Sydney at the end of the year.<\/p>\n

Testifying before the inquiry, Packer acknowledged that he may have to sell some or all of his equity in the business for the company to keep its license.<\/p>\n

At the AGM, Coonan refused to answer questions about what Crown would do if it were to lose its Sydney license.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Australian billionaire James Packer used his ownership clout Thursday to save three Crown Resorts directors up for reelection at the company\u2019s annual general meeting. An influential organization told Crown Resorts’ shareholders that poor governance would not be tolerated, leaving the fate of the three directors hanging in the balance. The organization advises Australia’s biggest pension […]<\/p>\n","protected":false},"author":36,"featured_media":152902,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,21],"tags":[],"acf":[],"yoast_head":"\nJames Packer Vote Saves Directors\u2019 Skins at Crown Resorts AGM<\/title>\n<meta name=\"description\" content=\"James Packer votes to save board members John Horvath, Jane Halton and Guy Jalland at the Crown Resorts AGM on Thursday.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"James Packer Vote Saves Directors\u2019 Skins at Crown Resorts AGM\" \/>\n<meta property=\"og:description\" content=\"James Packer votes to save board members John Horvath, Jane Halton and Guy Jalland at the Crown Resorts AGM on Thursday.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/james-packer-vote-saves-directors-skins-at-crown-resorts-agm\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-22T13:42:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-22T17:54:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/packer-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-vote-saves-directors-skins-at-crown-resorts-agm\/\",\"url\":\"https:\/\/www.casino.org\/news\/james-packer-vote-saves-directors-skins-at-crown-resorts-agm\/\",\"name\":\"James Packer Vote Saves Directors\u2019 Skins at Crown Resorts AGM\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-vote-saves-directors-skins-at-crown-resorts-agm\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-vote-saves-directors-skins-at-crown-resorts-agm\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/packer-1.jpg\",\"datePublished\":\"2020-10-22T13:42:59+00:00\",\"dateModified\":\"2020-10-22T17:54:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"James Packer votes to save board members John Horvath, Jane Halton and Guy Jalland at the Crown Resorts AGM on Thursday.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-vote-saves-directors-skins-at-crown-resorts-agm\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/james-packer-vote-saves-directors-skins-at-crown-resorts-agm\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-vote-saves-directors-skins-at-crown-resorts-agm\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/packer-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/packer-1.jpg\",\"width\":1280,\"height\":720,\"caption\":\"James Packer owns 36 percent of the company, a position he used to save three board members on Thursday. 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