These days, Goldman Sachs won’t take companies public without a diverse board.
The first purpose of Red Rock Resorts’ Nominating and Corporate Governance Committee is the identification, screening, review, and recommendation of qualified individuals for the board.
How many women, Black, Indigenous, and people of color has the all white all male board identified, screened, reviewed and recommended for nomination since its IPO?
Is it zero?
On June 8 shareholders of Red Rock Resorts will vote on a proposal by the trustee of The City of Philadelphia Public Employees Retirement System (“PhilaPERS”) to have Red Rock Resorts Inc. board report on steps to enhance board diversity.
The PhilaPERS shareholder proposal says that asset managers, including the world’s largest—BlackRock, Fidelity Investments, State Street Global Advisors, and Vanguard—increasingly vote against directors and support shareholder proposals on board diversity at companies deemed to be making insufficient progress.
"We believe that our five member Board structure is highly cost efficient and that our current Board members have demonstrated their diversity in background and experience in their effective leadership of the Company.
While we value diversity and remain continuously open to recruiting well-qualified diverse candidates to our Board, we also intend to continue to evaluate the benefits of adding new members of the Board relative to the additional costs and impacts on board efficiency that may result from an increase in the size of our Board."