![]() Although given the brave new world Crown finds itself in, Packer would probably risk regulatory scrutiny if he tried that approach.Ĭoonan has two board seats to fill now, with John Alexander retiring from the board on Thursday and Professor John Horvath flagging he will soon follow. The worst result for Coonan would be for Packer to lose patience completely with the Crown turnaround, and start lobbing grenades from the side as a disaffected major shareholder. Or will he be unable to resist having input in a business where he is clearly financially and emotionally invested? While Packer might feel frustrated with Crown’s management and board, he would also know the only way he is going to recover some value from this whole mess is for that same management team and board to put in place a series of reforms to improve the group’s governance and culture.ĭoes Packer fade into the background, leaving Coonan and Barton to start the process of reform? Packer has made no secret that he feels let down by Crown Resort management, and wouldn’t have been too worried about sending a little message about his displeasure by abstaining.īut it’s understood CPH was also keen to show to regulators and other shareholders it recognises the need for change at Crown having saved the directors, it might have looked a bit tone-deaf to then go and smother the remuneration report vote too.īoth Packer and Crown Resorts are in very awkward positions. While Packer used his 36 per cent shareholding to get the three directors up for re-election over the line, he abstained from voting on the remuneration report, which meant Crown got a protest vote of 34.3 per cent and recorded a first strike. ![]() The arrangements had to go if Crown Resorts was to start the process of reform.īut at Thursday’s AGM, Packer and CPH showed that they too can express displeasure with what's happened at the casino operator. The two arrangements – a services agreement and a controlling shareholders protocol – had been heavily criticised in the inquiry for the way they contributed to a blurring of lines between Crown’s interest and those of Packer, particularly in the way they allowed confidential Crown information to flow to CPH. This was underscored over about 18 hours from Wednesday night to Thursday afternoon.Ī few hours after the NSW casino inquiry heard on Wednesday afternoon that Crown’s former executive chairman, Rob Rankin, could face prosecution from the corporate watchdog over his failure to tell the rest of the Crown board of problems at the company, the Crown directors emerged from their first meeting in some months to say the company was dumping two deals with Packer’s private company, Consolidated Press Holdings. ![]() James Packer is an awkward position at Crown. While a bit of space will do them both the world of good, their fortunes ultimately remained tied closely together. ![]() But like a couple stuck in a difficult marriage, Crown Resorts and James Packer face a dilemma. Bitterness and frustration is creeping in.
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