Chesapeake Adopts Austerity Measures In Fallout Of 2012

Law360, New York (January 8, 2013, 7:59 PM EST) -- Embattled oil and gas firm Chesapeake Energy Corp. on Monday announced major shareholder governance changes and corporate austerity measures in response to a tumultuous 2012 that saw over $5 billion in lost market share and the rising influence of billionaire agitator Carl Icahn.

Among the concessions announced by the company in a U.S. Securities Exchange Commission filing are plans to reduce political and charitable spending, empower shareholders to nominate some directors, and strip controversial CEO Aubrey McClendon of his annual bonus and access to company aircraft....
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