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Voting firms back proposal

Tuesday, May 10, 2005 | 10:55 a.m.

Culinary Union Local 226 has won the support of two independent proxy voting firms for proposals the union announced recently calling for corporate governance reform at Station Casinos Inc.

Two independent proxy voting firms, Institutional Shareholder Services and Glass, Lewis & Co. have announced their support of three proposals the union has filed with the Securities and Exchange Commission.

The union has proposed ending the company's supermajority two-thirds voting requirement and replacing it with a simple majority requirement; requiring an annual election for directors instead of the three-year terms directors currently have; and letting shareholders decide whether to keep the company's "poison pill" anti-takeover defense.

Company leaders have discouraged shareholders to vote for the changes. The proposals will go for a vote by shareholders at the company's annual shareholders meeting May 18 at Green Valley Ranch Station Casino.

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