Red Rock board re-elected despite criticism over gender, racial makeup
California State Teachers Retirement System (CalSTRS) and Los Angeles County Employee Retirement Association (LACERA), which own an undisclosed number of shares, filed notices with the Securities and Exchange Commission (SEC) in May that they would “withhold” votes on the nominees.
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The pension funds said in SEC filings that Red Rock violated the 2021 SEC-approved rule change initiated by Nasdaq that companies have at least one director who self-identifies as female and at least one director who self-identifies as “an underrepresented minority or as LGBTQ+.” The Nasdaq, which lists Red Rock’s shares, requires companies to publicly disclose why they don’t have at least two diverse directors.
Culinary Union Workers Local 226, which has a long-standing labor dispute with Red Rock subsidiary Station Casinos, complained to the SEC in 2022 about the board’s composition.
In a 2022 statement, a Red Rock spokesman acknowledged the “lack of gender diversity” on the board...