I guess it will run more like a business meeting where the owner ( Penn) will make supposedly informed decisions. Most businesses in Australia actually run this way… considering the vast majority are not publicly listed… in other terms it’s a management meeting I guess.
Sounds like a way to not be accountable
It could also be the Articles of incorporation require that certain matters be voted on by the Board of Directors ... Penn could certainly get rid of a Director that didn't vote his way ... but I doubt he has the ability to direct someone how to vote ....
But, as Lsz says .. at the end of the day it is a dictatorship ...