PENN Entertainment shareholders have approved an advisory proposal to declassify the company's Board of Directors at the annual meeting held on June 16, according to UNITE HERE. This marks the second time a majority of shareholders have backed board declassification, following similar support in 2010. UNITE HERE Director of Gaming Industry Research Michael Hachey stated that shareholders want annual elections for all directors and urged the board to take necessary steps toward implementation. Derrick Wortes of Cora Strategies emphasized that investors expect real responsiveness rather than performative action. Annual director elections are widely seen as a cornerstone of effective corporate governance, providing a regular mechanism to hold directors accountable.
Penn National Gaming IncShareholders approved board declassification, which is seen as improving corporate governance and accountability.