\n Posted on: June 3, 2026, 08:37h.\u00a0\n <\/p>\n
\n Last updated on: June 3, 2026, 08:37h.\n <\/p>\n
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- The labor union is pushing Penn shareholders to support declassification of the board<\/strong><\/li>\n
- Two major proxy advisory firms back the union\u2019s proposal<\/strong><\/li>\n
- Penn\u2019s annual meeting is on June 16<\/strong><\/li>\n<\/ul>\n
A labor union advocating that shareholders support its quest to declassify Penn Entertainment\u2019s (NASDAQ: PENN) board elections garnered the backing of two major proxy advisory services.<\/p>\n
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Members of the Unite Here labor union in Virginia. Two proxy advisories backed the union\u2019s push to declassify Penn Entertainment\u2019s board. (Image: Getty)<\/figcaption><\/figure>\n Unite Here, the labor organization pitching board transparency at the regional casino operator, announced today that Glass Lewis & Co. and Institutional Shareholder Services (ISS) are recommending to Penn investors that they vote in favor of the union\u2019s declassification proposal.<\/p>\n
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These recommendations reinforce what shareholders have communicated for years: that annual director elections enhance board accountability and are a fundamental governance best practice,\u201d said Michael Hachey, Unite Here director of gaming industry research, in a statement.<\/p>\n<\/blockquote>\n
The organized labor group unveiled its proposal to declassify Penn\u2019s board<\/a> in April, noting the casino giant\u2019s investors approved a similar measure in 2010, but the company never moved on it. In addition to declassification, Unite Here wants Penn to move annual elections of its directors. The endorsements from Glass Lewis and ISS come ahead of Penn\u2019s annual meeting scheduled for June 16.<\/p>\n
Unite Here Has Success with Similar Pitches<\/h2>\n
Unite Here is no stranger to pushing for enhanced board transparency. In 2019, advocated for similar change at Caesars Entertainment (NASDAQ: CZR), pushing five non-binding proposals,<\/a> including majority votes. Three years later, went to majority voting for uncontested board elections.<\/p>\n
\nThe union notes that Penn rivals such as Boyd Gaming (NYSE: BYD), Caesars and MGM Resorts International (NYSE: MGM) use annual elections of board members, indicating that Penn\u2019s criticism of yearly votes in the \u201chighly regulated\u201d gaming industry falls flat. Unite Here adds annual elections of directors are an important issues to institutional investors and signs of solid corporate governance<\/a>.<\/p>\n<\/div>\n
\u201cToday, annual director elections are widely recognized as a governance best practice among public companies and institutional investors,\u201d says the union. \u201cAccording to data cited in Unite Here\u2019s shareholder communications, declassification proposals in 2025 received average shareholder support of 77.9% and passed at an 86% rate.\u201d<\/strong><\/p>\n
Penn, the largest regional casino operator by number of venues, added two members to its board last year while adding three more directors<\/a> in February.<\/p>\n
Proxy Firms Familiar to Penn<\/h2>\n
- Two major proxy advisory firms back the union\u2019s proposal<\/strong><\/li>\n