Sands Board Departure Highlights Controlled Company Status

Las Vegas Sands (NYSE: LVS) announced the leaving of Yibing Mao Tsetung from its plank of directors, leaving the plank little of independent members.

Mao had been a theater director at the gaming troupe since July 2021 and is leaving to follow other opportunities. She notified Sands of her going away on February 17 and it became functionary today.

The Las Vegas-based casino colossus proclaimed her leaving in a Form 8-K filing with the Securities and Exchange Commission (SEC) today, noting Mao Tsetung isn’t leaving due to “any dissonance with the other Board members or with management.”

Mao’s leaving leaves the Sands table of directors with eighter from Decatur members, easily below the mean(a) size of it of 11 among S&P 500 fellow member firms.

Sands Needs Thomas More Independent Directors

The Marina Bay Sands operator acknowledged inward the filing it needs more main(a) directors.

Following Ms. Mao’s resignation from the Board, the Board ceased to follow comprised of a absolute majority of independent directors and the Company testament rely on the ‘controlled company’ exemption from the itemisation requirement under the rules of the New House of York Stock Exchange (the ‘NYSE’) that a absolute majority of the get on of directors comprise of main(a) directors,” according to the regulatory document.

Sands can leveraging controlled society position because Dr. Miriam Adelson, the widow of Sands founding father and CEO Sheldon Adelson, and her heirs controller more than half of the gaming company’s shares outstanding.

Two stream room members — Chairman and CEO Rob Goldstein and COO and President Saint Patrick Dumont — are non considered main(a) directors because they process direct for Sands.

LVS “remains actively engaged inwards efforts to spread out the identification number of main(a) directors on the Board. All of the Board’s committees remain comprised exclusively of independent directors,” according to the 8-K.

Women Could Be inward Focus in Sands Board Search

Aside from mentioning its efforts to step-up the sizing of the board, Sands did not mention demographic traits it’s looking for regarding young directors or if that’s a anteriority at all. It is possible, however, that minorities and women could follow among those that eventually fall in the company’s board.

As it stands today, just deuce LVS directors — Micheline Chau and Nora Jordan River — are women. Including Mao Tsetung and Las Vegas Raiders President Sandra Frederick Douglass Morgan, the gaming industry has missed at to the lowest degree ii nonage female directors since lastly June when Douglass J. P. Morgan left Caesars Entertainment’s board.

Ethnicity and gender composing of corporate boards are more and more points of accent for regulators and investors, including some monetary fund companies that are pressuring companies to diversify their slates of directors. Gaming companies that have got undecided get on seats are likely aware of that thrust for diversification.

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