Investors force two directors from Chesapeake |
| Financial Times - Jun 8, 2012 |
Shareholders in Chesapeake Energy, the US gas producer hit by concerns over its corporate governance, have given the company’s board a resounding rebuke at its annual meeting.
They rejected the re-election of two directors and the executives’ pay at the the meeting on Friday, and backed several motions proposed by discontented investors.
Burns Hargis, president of Oklahoma State University, and Richard Davidson, former chairman of the Union Pacific railway, resigned from the board after receiving the support of just 26 per cent and 27 per cent of the votes cast. The advisory vote to approve executive compensation was approved by just 20 per cent of the votes.
Three proposals from shareholders that were opposed by the board won majority support, including a bid to relocate Chesapeake’s incorporation from Oklahoma to Delaware, as well as a move to drop the “supermajority” vote required of two-thirds of the company’s shares for any change in its rules.
Read Full Article from Financial Times
- Posted: 2012-06-08 12:06:47
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