Second proxy firm urges no for Wynn board nominee

A second proxy firm has recommended that shareholders vote against reinstating John Hagenbuch as a director and its say on pay proposal.

Elaine Wynn, co-founder and the company’s largest shareholder, is leading a campaign against Hagenbuch saying he is a legacy director who will prevent the operator moving on from sexual misconduct allegations against her former husband Steve Wynn. He was forced to resign in February.

“I am pleased to see further support for my efforts to ensure that the company takes the actions necessary to truly become the ‘New Wynn.’ I urge my fellow shareholders to join me in voting for accountability and objective oversight in the Wynn Resorts boardroom,” Elaine Wynn said in a filing with the Securities and Exchange Commission.

ISS joins independent proxy advisor firm Glass, Lewis & Co. in supporting Wynn.

“This election will serve as a referendum not only on whether the current board has done enough to stem the fallout of the accusations against Steve Wynn, but also on whether the current board composition is sufficiently robust to minimize the possibility that similar issues reemerge in the future,” the firm said.