The Star Entertainment Group (ASX:SGR) shareholders have shown their support for the company’s remuneration report, backing chief executive Steve McCann’s $7.5 million pay package.
Chair Anne Ward – who reiterated that her re-election is “only for a matter of days” – confirmed she will step down once the convertible notes issued to Bally’s Corporation and Investment Holdings are converted to equity and new board appointments are made.
Ward reminded investors that the 2024 AGM delivered a 43% ‘first strike’ against the remuneration report but said a second strike has been averted this year, with 95% of proxy votes cast in favour. As a result, Star has also avoided a potential board spill.
While the company has navigated its immediate liquidity pressures, Ward cautioned there remains “material uncertainty” over Star’s ability to continue as a going concern with several key milestones still ahead.
Shares in Star Entertainment Group (ASX: SGR) are trading around 10.5 cents.