Red Rock’s All-White, All-Male Board Draws Calpers’ Attention
- Pension presses for majority voting standard for directors
- Fertitta brothers control 86% of votes at casino company
Photographer: Lawrence K. Ho/Los Angeles Times via Getty Images
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Red Rock Resorts Inc. operates 20 casinos, employing nearly 14,000 people. Its board of directors, however, has just five members. Two are brothers. All of them are white men.
That’s not enough diversity, according to the California Public Employees’ Retirement System. The largest U.S. pension, with almost $360 billion in assets, is sponsoring a proposal at Red Rock’s June 13 annual meeting requiring that board nominees running unopposed receive majority shareholder approval. Under Red Rock’s current voting rules, opposition votes don’t count when a nominee is unopposed.