In a letter released Tuesday, New York State Comptroller Thomas P. DiNapoli urged Chesapeake Energy shareholders to withhold their votes for directors V. Burns Hargis and Richard K. Davidson at the company’s annual meeting on June 8.
“A fundamental restructuring of the Company’s Board of Directors is essential if the Board is to regain the trust of stakeholders and regulators,” DiNapoli wrote.
The New York State Common Retirement Fund is a significant shareholder of Chesapeake. DiNapoli is trustee of the fund.
The board of the natural gas company has been under fire over the past few months for its ties to CEO Aubrey McClendon and for its oversight of executive compensation.
To see the full text of DiNapoli's letter, click here.
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