{"id":189594,"date":"2021-10-21T15:05:32","date_gmt":"2021-10-21T22:05:32","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=189594"},"modified":"2021-10-21T16:02:53","modified_gmt":"2021-10-21T23:02:53","slug":"crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan\/","title":{"rendered":"Crown Resorts Hit by Shareholder Revolt Over Executive Pay Plan"},"content":{"rendered":"

Crown Resorts shareholders have voted down the embattled company\u2019s remuneration report. The move, at the company\u2019s virtual AGM Thursday, signified widespread discontent over fat payouts to executives, many of whom have left the company under a cloud.<\/a><\/p>\n

\"Crown
Crown Interim Chair Jane Halton, the last surviving director from the previous leadership regime. On Thursday, she defended executive severance packages as being \u201cin the interest of shareholders.\u201d (Image: The Conversation)<\/figcaption><\/figure>\n

Almost 31 percent of proxy voters rebelled against pay proposal, surpassing the 25 percent threshold for the second year in a row. This second strike against Crown\u2019s leadership automatically triggered a motion to gut the board completely. But shareholders resisted pressing the nuclear button, with 95 percent of proxies voting against.<\/p>\n

Crown paid more than A$20 million (US$15 million) to departing directors in the 2021 financial year, A$9.6 million (US$7 million) of which was in severance packages.<\/p>\n

Many directors were recommended for the chop by a damning report that followed a months-long suitability investigation in the state of New South Wales (NSW). The investigation ultimately stripped the company of its Sydney Casino license.<\/p>\n

\u2018Poor Corporate Culture\u2019<\/strong><\/h2>\n

Former NSW Supreme Court Judge Patricia Bergin<\/a> concluded that \u201cpoor corporate governance, deficient risk-management structures and processes, and a poor corporate culture,\u201d were to blame for Crown\u2019s troubles.<\/p>\n

She accused directors of presiding over a company that was guilty of \u201cfacilitating money laundering, exposing staff to the risk of detention in a foreign jurisdiction, and pursuing commercial relationships with individuals\u201d connected to organized crime.<\/p>\n

\n

Ten of the 11 directors who appeared at last year\u2019s AGM have since left the company. These include former CEO Ken Barton, who pocketed A$3.35 million (US$2.5 million). That’s after Bergin described him as \u201cno match for what is needed at the helm of a casino licensee.\u201d<\/strong><\/p>\n<\/div>\n

She accused Barton of demonstrating a \u201cbreathtaking lack of care\u201d when responding to media allegations that Crown was facilitating money laundering at its Melbourne and Perth properties.<\/p>\n

According to Crown\u2019s annual report, released last month, former Vice President of Strategy and Development Todd Nisbet walked with A$3.11 million (US$2.3 million), while former CEO of Australian Resort Barry Felsted received A$3.2 million ($2.4 million).<\/p>\n

\u2018Best Interests\u2019<\/strong><\/h2>\n

The only surviving director from the previous regime, interim chair Jane Halton, claimed the payments were in the \u201cbest interests of shareholders.\u201d<\/p>\n

\u201cThe board carefully considered each officer\u2019s dismissal arrangements, our legal obligations, and the circumstances around us when these decisions were made, including obtaining advice,\u201d said Halton.<\/p>\n

\u201cIn this regard, the board believes that the decision to pay the dismissal to a former senior management was made in the best interests of shareholders, given the circumstances facing the company.\u201d<\/p>\n

Crown is awaiting the findings of another regulatory inquiry in the state of Victoria. That decision could pull the license on its flagship Melbourne property. A third investigation is underway in Western Australia.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crown Resorts shareholders have voted down the embattled company\u2019s remuneration report. The move, at the company\u2019s virtual AGM Thursday, signified widespread discontent over fat payouts to executives, many of whom have left the company under a cloud. Almost 31 percent of proxy voters rebelled against pay proposal, surpassing the 25 percent threshold for the second […]<\/p>\n","protected":false},"author":36,"featured_media":189595,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\nCrown Resorts Hit by Shareholder Revolt Over Executive Pay Plan<\/title>\n<meta name=\"description\" content=\"Crown Resorts shareholders rebel over executive pay plan but vote down a motion to remove the entire board at annual general meeting.\" \/>\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=\"Crown Resorts Hit by Shareholder Revolt Over Executive Pay Plan\" \/>\n<meta property=\"og:description\" content=\"Crown Resorts shareholders rebel over executive pay plan but vote down a motion to remove the entire board at annual general meeting.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan\/\" \/>\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=\"2021-10-21T22:05:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-21T23:02:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/jane.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1356\" \/>\n\t<meta property=\"og:image:height\" content=\"668\" \/>\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\/crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan\/\",\"url\":\"https:\/\/www.casino.org\/news\/crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan\/\",\"name\":\"Crown Resorts Hit by Shareholder Revolt Over Executive Pay Plan\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/jane.jpg\",\"datePublished\":\"2021-10-21T22:05:32+00:00\",\"dateModified\":\"2021-10-21T23:02:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Crown Resorts shareholders rebel over executive pay plan but vote down a motion to remove the entire board at annual general meeting.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-hit-by-shareholder-revolt-over-executive-pay-plan\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/jane.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/jane.jpg\",\"width\":1356,\"height\":668,\"caption\":\"Crown Interim Chair Jane Halton, the last surviving director from the previous leadership regime. 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