(The following is a reformatted version of a press release
issued by the Office of the New York State Comptroller, Thomas
P. DiNapoli and received via electronic mail. The release was
confirmed by the sender.)
June 8, 2012
COMPTROLLER DiNAPOLI STATEMENT ON PRELIMINARY VOTING
RESULTS AT CHESAPEAKE ENERGY ANNUAL MEETING
Today’s voting results are a rebuke to the failed leadership of
the board of directors of Chesapeake Energy.
Given today’s decisive withhold vote against Chesapeake
directors V. Burns Hargis and Richard K. Davidson, it is
imperative that the board of directors accept their
resignations. To fail to do so would be a direct contradiction
of the clear will of a majority of shareholders.
The board should take immediate steps to implement the
shareholder proposals that passed today, including proxy access
and the elimination of supermajority voting. The days of an
entrenched and unaccountable board structure at Chesapeake must
In addition, the advisory vote on executive compensation sends a
strong message that Chesapeake must overhaul its plan to align
the interests of shareholders with management.
--New York State Comptroller Thomas P. DiNapoli, trustee of the
New York State Common Retirement Fund
As of June 1, 2012, the New York State Common Retirement Fund
owned 3,668,973 shares of Chesapeake Energy valued at $57.2
Follow us on Twitter: @NYSComptroller
Contact: Eric Sumberg, 212-681-4822
Press spacebar to pause and continue. Press esc to stop.