FT: “Cheseapeake Energy, the gas and oil company that has been subject to investor concerns about corporate governance for years, has failed in attempts to improve its practices, because of lack of support from shareholders.” “Proposals backed by the board and put to the company’s annual meeting on Friday would have made it possible to change the directors more quickly, opened up the nomination process for directors proposed by shareholders, and eliminated the need for changes to the company’s bylaws to pass by a “supermajority” of 66.7 per cent of the shares outstanding. / All three resolutions failed to pass, in spite of receiving the support of an overwhelming majority of the votes cast at the meeting, because of the numbers that failed to vote.”
JL: Alternative FT headline: Shale gas giant continues to head for rocks as investors sleep on.
Future Today
