Crown chairman Helen Coonan,with chief executive Ken Barton,has "unreservedly apologised" for Crown's failings.Credit:Eamon Gallagher
The shareholder revolt followed months of damaging evidence at the NSW Independent Liquor and Gaming Authority probity inquiry into Crown,which has detailed a string of serious governance and risk management failures and will consider whether Crown should keep its Sydney casino licence.
Professor Horvath,who was once Kerry Packer's personal physician,said he would resign from the board after 31 per cent of votes went against his re-election,meaning he only survived the meeting due to the support of James Packer,who owns 36 per cent of Crown.
Independent director Sarah Halton said she also considered resigning after being hit with a 25 per cent vote against her re-election,but"on balance"considered she had"sufficient support"to remain.
The biggest protest vote (41 per cent) went against Guy Jalland,a representative of Mr Packer who was involved in a sale of Crown shares to Melco Resorts last year that might haveviolated Crown's NSW casino licence.
Crown was hit with a"first strike"due to a 34 per cent protest vote against its executive remuneration package. Two consecutive strikes,or protest votes above 25 per cent,can trigger a full board spill.
Ms Coonan said shareholders sent a"clear and powerful message"that board renewal was required and that"changes will be made".
She apologised for the failures in governance and risk management revealed at the NSW probity inquiry and said her board would"take all the steps necessary to make sure we learn from these mistakes". That including implementing a stronger anti-money laundering regime and improving the company's culture.