{"id":261094,"date":"2023-02-22T20:02:47","date_gmt":"2023-02-23T02:02:47","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=261094"},"modified":"2023-02-23T11:25:34","modified_gmt":"2023-02-23T17:25:34","slug":"sands-board-short-independent-directors-after-mao-departure","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sands-board-short-independent-directors-after-mao-departure\/","title":{"rendered":"Sands Board Departure Highlights Controlled Company Status"},"content":{"rendered":"

Las Vegas Sands (NYSE: LVS) announced the departure of Yibing Mao from its board of directors, leaving the board short of independent members.<\/p>\n

\"Sands
Former Las Vegas Sands board member Yibing Mao. Her departure leaves the company short of independent directors. (Image: IFLR<\/em>)<\/figcaption><\/figure>\n

Mao had been a director at the gaming company since July 2021 and is leaving to pursue other opportunities. She notified Sands of her departure on February 17, and it became official today.<\/p>\n

\n

The Las Vegas-based casino giant announced her departure in a Form 8-K filing with the Securities and Exchange Commission (SEC) today, noting Mao isn\u2019t leaving because of \u201cany disagreement with the other Board members, or with management.\u201d<\/p>\n<\/div>\n

Mao\u2019s departure leaves the Sands board of directors with eight members, well below the average size of 11 among S&P 500<\/a> member firms.<\/p>\n

Sands Needs More Independent Directors<\/h2>\n

The Marina Bay Sands operator acknowledged in the filing it needs more independent directors.<\/p>\n

Following Ms. Mao\u2019s resignation from the Board, the Board ceased to be comprised of a majority of independent directors and the Company will rely on the \u2018controlled company\u2019 exemption from the listing requirement under the rules of the New York Stock Exchange (the \u2018NYSE\u2019) that a majority of the board of directors consist of independent directors,\u201d<\/strong> according to the regulatory document.<\/p><\/blockquote>\n

Sands can leverage controlled company status because Dr. Miriam Adelson<\/a>, the widow of Sands founder and CEO Sheldon Adelson, and her heirs control more than half of the gaming company\u2019s shares outstanding.<\/p>\n

Two current board members — Chairman and CEO Rob Goldstein and COO and President Patrick Dumont — are not considered independent directors because they work directly for Sands.<\/p>\n

LVS \u201cremains actively engaged in efforts to expand the number of independent directors on the Board. All of the Board\u2019s committees remain comprised entirely of independent directors,\u201d according to the 8-K.<\/p>\n

Women Could Be in Focus in Sands Board Search<\/h2>\n

Aside from mentioning its efforts to increase the size of the board, Sands did not mention demographic traits it\u2019s looking for regarding new directors, or if that\u2019s a priority at all. It is possible that minorities and women could be among those that eventually join the company\u2019s board.<\/p>\n

As it stands today, just two LVS directors — Micheline Chau and Nora Jordan — are women. Including Mao and Las Vegas Raiders President Sandra Douglass Morgan<\/a>, the gaming industry has lost at least two minority female directors since last June, when Douglass Morgan left Caesars Entertainment\u2019s board.<\/p>\n

Ethnicity and gender composition of corporate boards are increasingly points of emphasis for regulators and investors, including some fund companies that are pressuring companies to diversify their slates of directors. Gaming companies that have open board seats are likely aware of that push for diversification.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Las Vegas Sands (NYSE: LVS) announced the departure of Yibing Mao from its board of directors, leaving the board short of independent members. Mao had been a director at the gaming company since July 2021 and is leaving to pursue other opportunities. She notified Sands of her departure on February 17, and it became official […]<\/p>\n","protected":false},"author":46,"featured_media":261096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10,13592],"tags":[81913,81903,81895],"acf":[],"yoast_head":"\nSands Board Short Independent Directors After Mao Departure<\/title>\n<meta name=\"description\" content=\"Sands board of directors needs more members following Mao departure.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sands Board Short Independent Directors After Mao Departure\" \/>\n<meta property=\"og:description\" content=\"Sands board of directors needs more members following Mao departure.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sands-board-short-independent-directors-after-mao-departure\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-23T02:02:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-23T17:25:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/mao.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-board-short-independent-directors-after-mao-departure\/\",\"url\":\"https:\/\/www.casino.org\/news\/sands-board-short-independent-directors-after-mao-departure\/\",\"name\":\"Sands Board Short Independent Directors After Mao Departure\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-board-short-independent-directors-after-mao-departure\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-board-short-independent-directors-after-mao-departure\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/mao.jpg\",\"datePublished\":\"2023-02-23T02:02:47+00:00\",\"dateModified\":\"2023-02-23T17:25:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Sands board of directors needs more members following Mao departure.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-board-short-independent-directors-after-mao-departure\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sands-board-short-independent-directors-after-mao-departure\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-board-short-independent-directors-after-mao-departure\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/mao.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/mao.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Former Las Vegas Sands board member Yibing Mao. 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