Chesapeake Shareholders Reject More Power For Themselves

Law360, New York (June 14, 2013, 7:04 PM EDT) -- Chesapeake Energy Corp. shareholders rejected changes Friday to the Oklahoma oil-and-gas company's corporate governance structure that would have made it easier for shareholders to replace its board members, proposals that the board itself had offered.

While a two-thirds majority was needed, only about 60 percent of shareholders voted at the shareholder meeting to have board members' terms run concurrently so that they would come up for re-election at the same time, to allow proxy access so that shareholders could nominate new directors directly and to end...
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