US-based casino operator Wynn Resorts is to hold a shareholder vote on the board’s proposal to remove Kazuo Okada as a director.
The company’s board determined that Okada, who owns Universal Entertainment and was one of Wynn’s largest shareholders, is an ‘unsuitable person’ under its articles of incorporation.
Wynn called for Okada to resign from his role as director following the findings of a year-long investigation that claimed he had violated the US Foreign Corrupt Practices Act. The report alleged that Okada and his associates had made payments to gaming regulators in the Philippines who directly oversee a licensing agreement to operate there.
Having removed Okada from its board of directors in February, Wynn Resorts informed the US Securities and Exchange Commission of its plans to hold a special meeting of stockholders to vote on whether Okada should be removed as a director.
Shareholders on record at the close of business on March 30 will be given notice of the meeting and to vote on the matter. A two-thirds majority of the voting power will see Okada removed from his position.
No date has been set for the meeting.
