Star Entertainment Group chairman Anne Ward has revealed her intention to retire from the Board of Directors – but not before Bally’s Corp and Bruce Mathieson’s Investment Holdings complete their acquisition of a controlling stake in the company.
Ward, who was appointed to the Star board in November 2022 and became chair in November 2024, outlined her plans in a letter to shareholders that accompanied the announcement of Star’s Annual General Meeting on 25 November. Her re-election as a director is one of the main items up for vote at the AGM.
In her letter to shareholders, Ward stated, “Although I am standing for re-election as a Director at this meeting, it is my intention to retire from the Board and resign as a Director of the Company at the time the Convertible Notes issued to Bally’s and Investment Holdings are converted to shares in the Company, and Bally’s and Investment Holdings become entitled to appoint the majority of Directors to the Board.”
While Ward has promised to stay for now, the upcoming AGM could still result in further upheaval with Star outlining a conditional spill resolution should at least 25% of shareholders vote against another item – adopting the company’s remuneration report.
At Star’s 2024 AGM, 43% of shareholders voted against the remuneration report, constituting a “first strike”. A “second strike” next month would under Australian corporate governance rules result in a spill resolution that, if passed, would require all directors to stand down, pending possible re-election.
Star Managing Director and Group CEO Steve McCann will not be subject to standing down, the company confirmed.
The upcoming AGM will see one existing director, Michael Issenberg, voluntarily retire while Bruce Mathieson Jr – the son of Star investor Bruce Mathieson – is standing for election after his recent appointment.
