The company, which has faced massive fines and penalties because of governance issues relating to money laundering, had nominated Peter Hodgson to the board. Shareholders were supposed to vote on the nomination at today’s AGM.

Hodgson, who is a board observer, was part of a new wave of directors and executives who were charged with reforming the company and rebuilding its reputation. The company is also waiting on regulatory approval of its remediation plan which has 640 milestones across 15 workstreams.

Hodgson’s election was conditional on him receiving all necessary regulatory approvals, however regulatory approvals have not been received, Star informed investors.

“Subject to the receipt of all necessary regulatory approvals, the appointment of Mr Hodgson will be put to shareholders at The Star’s 2024 annual general meeting.”

The company has also said performance rights under its long term incentive plan for its executives had lapsed because the company had not achieved its performance hurdles.

The rights had three performance hurdles: earnings per share, relative total shareholder return and return on invested capital.

The withdrawal of the rights follows a collapse in Star’s share price to 57 cents.