Star Entertainment Group Chair Anne Ward has announced her intention to leave the Board of Directors – but only after Bally’s Corp and Bruce Mathieson’s Investment Holdings complete their acquisition of a controlling stake in the company.
Ward, who joined Star’s board in November 2022 and became Chair in November 2024, outlined her plans in a letter to shareholders attached to the notice of the Annual General Meeting scheduled for 25 November. Her re-election as a director is one of the main items to be voted on 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.”
However, the upcoming meeting could still lead to further instability. Star has warned of a possible conditional board spill resolution if at least 25% of shareholders vote against the adoption of the company’s remuneration report.
At the 2024 AGM, 43% of shareholders voted against the remuneration report, which constitutes a “first strike”. A “second strike” next month, under Australian corporate governance rules, would trigger a spill resolution that, if passed, would require all directors to resign, subject to possible re-election.
The company confirmed that Star Managing Director and CEO Steve McCann would not be required to stand down.
At the upcoming AGM, one current director – Michael Issenberg – will voluntarily retire, while Bruce Mathieson Jr, the son of Star investor Bruce Mathieson, will stand for election following his recent appointment.
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