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Chesapeake shareholders approve governance reforms
June 13, 2014 / 4:20 PM / 3 years ago

Chesapeake shareholders approve governance reforms

HOUSTON, June 13 (Reuters) - Chesapeake Energy Corp shareholders on Friday voted to approve a series of governance reforms that included eliminating three-year terms for its board members.

The changes come a little more than a year after former Chief Executive Officer Aubrey McClendon was pushed out over disagreements over spending and a governance crisis. Since then, the board under Chairman Archie Dunham has made reform a priority.

Nearly all of Chesapeake’s shareholders also approved measures to increase the size of the company’s board of directors and to allow individuals or groups owning 3 percent or more of the company’s shares to nominate directors.

Investors also voted by a wide margin in favor of Chesapeake’s pay packages for executives.

Shares of Chesapeake, which is based in Oklahoma City, Oklahoma, are trading around a three-year high. On Friday, the stock edged down 13 cents to $30.36 in midday New York Stock Exchange trading. (Reporting by Anna Driver; Editing by Leslie Adler)

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