Chesapeake Energy Corporation

  CHK website
  • We are currently testing fixes to the following bugs: Ignores, Inbox Folder Access, Hide Replies, View Thread & a few others. It's taking a little longer than we had hoped, but we expect to push out corrected code this Friday night. We apologize for the delay & appreciate your continued patience. Stay tuned for further updates.

CHK   /  Message Board  /  Read Message

 


 











Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board
Msg  61792 of 62960  at  6/8/2012 5:43:42 PM  by

MrHelium


WSJ Commentatary On CHK's Board Meeting

Sure seems like time for AM to go.  All of these negative votes were really NO votes on AM's leadership and governance.
 
MrHelium
 
 
 
Chesapeake Energy shareholders appear to have had enough.
Associated Press

At today’s annual meeting the no votes came fast and furious — and at a historical rate.

The company’s executive compensation packages, among the most generous in the industry, were shot down with only 20% of votes cast in favor. The vote was nonbinding.

For comparison, Vikram Pandit’s pay package at Citigroup was voted down with 45% of the votes in favor.

Compensation wasn’t alone in drawing shareholder ire. Two Chesapeake board members got less than 27% of their uncontested vote. That comes even after Chesapeake had promised to strip CEO Aubrey McClendon of his chairmanship and put on four new fresh faces, giving shareholders control of the board.

The shareholders also voted to force the company to go to Delaware, which will mean its staggered board is on the way out.

Cheryl Gustitus, a spokeswoman for Institutional Shareholder Services, said the day was the “high-watermark and one of the biggest protest votes ever registered at a U.S. annual meeting.”

The proxy-advisory firm said the 20% tally on the say-on-pay vote was the second-lowest tally that ISS has seen in a Russell 3000 company and the reincorporation vote was only the second to pass since 2001. Another vote on allowing increased proxy access was only the third ever to pass, ISS said.

Piling on to Friday’s free-for-all, a representative for Carl Icahn, who has been granted a board seat amid that earlier shakeup, said the board shouldn’t say no to a potential sale.

Southeastern Asset Management, the largest shareholder which is gaining control of three seats, voted against the two board members that lost. It said in a release it would support waiting until the audit review is completed for them to step down but that should take “a matter of weeks not months.”

And New York state comptroller Thomas DiNapoli put out a statement calling the results a “rebuke to the failed leadership” of the company and urging changes.

Shares are up 2.8% to $18.34, continuing a rally that started after the board shuffle plan as investors bet that McClendon’s power surge is ending and the company may be steadied.

At least, McClendon has his Oklahoma City Thunder moving onto the NBA Finals to distract him from the sting of the shareholder rebuke.



 
     e-mail to a friend      printer-friendly     add to library      
| More
Recs: 6  |  Views: 219
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board

Replies
Msg # Subject Author Recs Date Posted
61793 Re: WSJ Commentatary On CHK's Board Meeting bry36 6/8/2012 7:11:35 PM
61794 Re: WSJ Commentatary On CHK's Board Meeting movin_on_again 1 6/8/2012 7:54:03 PM


About Us  •  Contact Us  •  Follow Us on Twitter  •  Members Directory  •  Help  •  Advertise
Not a member yet? What are you waiting for? Join Now
Want to contribute? Support InvestorVillage by donating
© 2003-2013 Investorvillage.com. All rights reserved. User Agreement
   
Financial Market Data provided by
.


Loading...