Firm Criticizes Wynn's Compensation as Proxy Battle Brews
LAS VEGAS (AP) — Another independent proxy firm is criticizing how much Wynn Resorts Ltd. pays its CEO Stephen Wynn.
Investor advisory firm Glass Lewis said in a report Friday that Wynn Resorts' compensation earned a D grade for paying executives more than peers but performing worse.
The report is at least the second to criticize the company's compensation practices while analyzing the company's proxy battle with Elaine Wynn. The company co-founder is fighting to remain a board member after not being re-nominated in part because of a pending shareholder lawsuit she has against ex-husband Stephen Wynn.
In the fight, Glass Lewis notes both sides have offered "little more than unsubstantiated declarations" in their arguments but advises shareholders vote for the company's recommended nominees — both incumbents — and not vote for Elaine Wynn.