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April 27, 2010

DiNapoli Asks Investors To Withhold Votes For Three Massey Board Members

New York State Comptroller Thomas P. DiNapoli today asked fellow investors to withhold their votes for Massey Energy Company Directors Baxter F. Phillips, Jr., Richard M. Gabrys and Dan R. Moore, citing a lack of oversight by the Board of Directors as contributing to the company’s long history of legal and regulatory problems. All three directors are members of Massey’s Safety, Environmental and Public Policy Committee, and will run for reelection at the company’s annual board meeting on May 18.

“Directors Phillips, Gabrys and Moore have neglected their responsibilities to oversee risk and have failed to protect our investments,” DiNapoli said. “There’s no excuse for the lack of accountability at Massey. The solution is clear: they have to go.”

DiNapoli also filed a resolution in November seeking a vote to declassify the Board, noting that annual board elections result in more responsive leadership. On April 12, DiNapoli called for Don Blankenship to resign from the Board.

Click here to download a copy of DiNapoli’s letter to investors.


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