Crown caned over $10m payout for ousted executives

However, Crown avoided having its three directors stand for re-election after shareholders voted overwhelmingly against the spill motion brought on by the second strike.

Crown’s board has been almost completely overhauled over the past year following a string of scandals, with 10 of the 11 directors present at its 2020 AGM having departed. Ms Halton said executive contracts would be “much more in step” with other ASX-listed companies in the future, and would include bonuses payments being contingent on regulatory compliance; less generous termination payments, and clawback provisions.Crown paid its former CEO Ken Barton, Australian resorts boss Barry Felstead, and Crown Sydney development boss Todd Nisbet $9.7 million worth of termination payments and other benefits last year.

Ms Halton said Crown had set Mr McCann’s pay package in line with the market while ensuring it was “sufficiently competitive to attract, motivate and retain a highly credentialed CEO” during a “challenging and uncertain time for the business”.

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