June 8, 2012
Comptroller DiNapoli Statement on Preliminary Voting Results at Chesapeake Energy Annual Meeting
Today's voting results are a rebuke to the failed leadership of the board of directors of Chesapeake Energy.
Given today's decisive withhold vote against Chesapeake directors V. Burns Hargis and Richard K. Davidson, it is imperative that the board of directors accept their resignations. To fail to do so would be a direct contradiction of the clear will of a majority of shareholders.
The board should take immediate steps to implement the shareholder proposals that passed today, including proxy access and the elimination of supermajority voting. The days of an entrenched and unaccountable board structure at Chesapeake must be numbered.
In addition, the advisory vote on executive compensation sends a strong message that Chesapeake must overhaul its plan to align the interests of shareholders with management.
--New York State Comptroller Thomas P. DiNapoli, trustee of the New York State Common Retirement Fund
As of June 1, 2012, the New York State Common Retirement Fund owned 3,668,973 shares of Chesapeake Energy valued at $57.2 million.