Proxy Blog

Las Vegas Sands Corp. 

April 22, 2020

The annual proxy for this casino and resort company had the following proposals: 

  • Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 

Magni voted for and against proforma proposals.

  • For directors – The board has a majority of independent directors and some have CEO/CFO experience with other companies. The compensation of directors is disclosed with a meaningful portion in equityalong with ownership guidelines to align director incentives with shareholders’ long-term interests.
  • For auditors – There appear to be no controversies with the financial statements of the company.
  • Against “say-on-pay” – The shareholder engagement program, including the range of topics discussed, was disclosed, though there was no disclosure of activity level. The peer group was not disclosed. Such opaqueness is inconsistent with good governance.