LAS VEGAS (AP) — A longtime member of Wynn Resorts' board of directors faces a tough re-election after two advisory firms recommended investors withhold their votes for him.
Institutional Shareholder Services over the weekend became the second firm to issue the recommendation against director John Hagenbuch.
Hagenbuch is up for re-election at the company's annual meeting May 16. The firm says he "was part of a legacy board that oversaw material failures in governance and risk oversight."
Some shareholders have sued Hagenbuch and other directors alleging breach of fiduciary duties stemming from sexual misconduct allegations against founder Steve Wynn, who has denied the accusations.
The company says Hagenbuch "has made important contributions" that have benefited shareholders throughout his time on the board.
Largest shareholder Elaine Wynn has urged investors to withhold votes for Hagenbuch.