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ISS, Egan-Jones Urge ‘Withhold’ on Chesapeake Board Vote

Chesapeake Energy Inc. shareholders should vote against two board members and refuse to endorse Chairman and Chief Executive Officer Aubrey McClendon’s pay at next month’s meeting, two shareholder advisory services said.

The board of Chesapeake has conducted “egregiously weak” oversight and executive pay is disconnected from financial performance, Egan-Jones Proxy Services said in a statement released today to clients. Chesapeake needs “board-level change,” Institutional Shareholder Services said in an e-mail today. Chesapeake’s annual meeting is scheduled for June 8 at its headquarters in Oklahoma City.