Chesapeake Energy Corporation Announces Preliminary Voting Results from Annual Shareholder Meeting
Chesapeake Energy Corporation (NYSE:CHK) announced preliminary voting
results from its Annual Meeting of Shareholders held earlier today at
the company′s Oklahoma City headquarters. The preliminary results are as
follows:
Item 1: Election of Directors:
Directors
Bob G. Alexander, Merrill A. 'Pete? Miller, Jr., Thomas L. Ryan, Vincent
J. Intrieri, Frederic M. Poses, Archie W. Dunham, R. Brad Martin, and
Louis A. Raspino were re-elected to the Board of Directors, receiving an
average affirmative vote of 96% of the votes cast.
Item 2: Proposal to declassify the Board of
Directors:
The proposal did not pass, receiving the
affirmative vote of only 60% of the shares outstanding, which was less
than the two-thirds required for shareholder approval of an amendment to
the company′s certificate of incorporation.
Item 3: Proposal to implement proxy access:
The
proposal did not pass, receiving the affirmative vote of only 60% of the
shares outstanding, which was less than the two-thirds required for
shareholder approval of an amendment to the company′s bylaws.
Item 4: Proposal to eliminate supermajority voting
requirements:
The proposal did not pass, receiving the
affirmative vote of only 60% of the shares outstanding, which was less
than the two-thirds required for shareholder approval of an amendment to
the company′s certificate of incorporation.
Item 5: Proposal to amend the 2003 Stock Award
Plan for non-employee directors:
The proposal passed,
receiving the support of more than 96% of the votes cast.
Item 6: Shareholder advisory vote to approve our
named executive officer compensation:
The proposal passed,
receiving the support of more than 84% of the votes cast.
Item 7: Proposal to amend long term incentive plan:
The
proposal passed, receiving the support of more than 94% of the votes
cast.
Item 8: Proposal to approve annual incentive plan:
The
proposal passed, receiving the support of more than 97% of the votes
cast.
Item 9: Ratification of independent registered
public accounting firm:
The proposal passed, receiving the
support of more than 98% of the votes cast.
Item 10: Shareholder proposal relating to the
creation of a risk oversight committee:
The proposal did not
pass, receiving the support of less than 4% of the votes cast.
Item 11: Shareholder proposal relating to
re-incorporation in Delaware:
The proposal did not pass,
receiving the support of less than 3% of the votes cast.
Item 12: Shareholder proposal relating to
accelerated vesting of senior executives′ equity awards upon a change of
control:
The proposal did not pass, receiving the support of
approximately 27% of the votes cast.
The Board of Directors will review the results of the votes on proposals
2, 3 and 4 and intends to seek feedback from shareholders before
deciding on next steps.
The preliminary results were tabulated by the company′s independent
Inspector of Elections, and final results will be disclosed upon
certification by the Inspector.
Chesapeake Energy Corporation (NYSE:CHK) is the second-largest
producer of natural gas, a Top 15 producer of oil and natural gas
liquids and the most active driller of new wells in the U.S.
Headquartered in Oklahoma City, the company's operations are focused on
discovering and developing unconventional natural gas and oil fields
onshore in the U.S. Chesapeake owns leading positions in the Eagle Ford,
Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime and Niobrara
unconventional liquids plays and in the Marcellus, Haynesville/Bossier
and Barnett unconventional natural gas shale plays. The company also
owns substantial marketing and oilfield services businesses through its
subsidiaries Chesapeake Energy Marketing, Inc. and Chesapeake Oilfield
Operating, L.L.C. Further information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.
Chesapeake Energy Corporation
Investor Contacts:
Jeffrey L.
Mobley, CFA, 405-767-4763
jeff.mobley@chk.com
or
Gary
T. Clark, CFA, 405-935-6741
gary.clark@chk.com
or
Media
Contact:
Jim Gipson, 405-935-1310
jim.gipson@chk.com
