The short answer based on what you will read here is YES! Not only that, but also sexist. And their excuse for it is mind blowing.
The Culinary Union has launched a new website about Red Rock Resorts Inc.’s status as the only all white, all male board among Nevada publicly traded gaming companies: AllWhiteAllMale.org
The same five white men have served on the Red Rock Resort board since its IPO in 2016 with its three independent directors serving the board of Red Rock Resorts’ predecessor company since 2011. On June 8 shareholders of Red Rock Resorts will vote on a proposal by the trustee of The City of Philadelphia Public Employees Retirement System (“PhilaPERS”) to have Red Rock Resorts Inc. board report on steps to enhance board diversity.
“A diverse board is the standard in Nevada, so we’d like to know how many women, Black, Indigenous, and people of color the all-white and all-male board at Red Rock Resorts has recommended for nomination since its Initial Public Offering (IPO)?” said Bethany Khan, spokeswoman for the Culinary Union. “Is it zero?”
The first purpose of Red Rock Resorts’ Nominating and Corporate Governance Committee charter is the identification, screening, review, and recommendation of qualified individuals for the board.
The PhilaPERS shareholder proposal says that asset managers, including the world’s largest—BlackRock, Fidelity Investments, State Street Global Advisors, and Vanguard—increasingly vote against directors and support shareholder proposals on board diversity at companies deemed to be making insufficient progress. Blackrock Inc. and Vanguard Group Inc. are Red Rock Resorts shareholders as of March 2023.
“We believe that our five member Board structure is highly cost efficient and that our current Board members have demonstrated their diversity in background and experience in their effective leadership of the Company. While we value diversity and remain continuously open to recruiting well-qualified diverse candidates to our Board, we also intend to continue to evaluate the benefits of adding new members of the Board relative to the additional costs and impacts on board efficiency that may result from an increase in the size of our Board.” –
RED ROCK RESORTS, 2022
Goldman Sachs, an IPO underwriter for Red Rock Resorts, won’t take companies public these days without a diverse board. Goldman’s CEO said in 2020 that “since 2016, US companies that have gone public with at least one female board director outperformed companies that do not, one year post-IPO.”
ASK RED ROCK RESORTS TO DIVERSIFY THE BOARD NOW!
Jeffrey Welch (Chief Legal Officer)
CALL:
Michael Britt (Public Affairs Officer)
Let’s let them know with our voices and our dollars that diversity is a good thing and people from all different ethnicities and genders have something to offer.