At a fiery shareholder meeting Jun. 8 Chesapeake Energy stock holders ousted two directors and voted against the hoard's recommendations on a variety of corporate governance issues including majority voting requirements and the firm's executive compensation package. Chesapeake is something of a special case, and shareholder activism tends to wax and wane in relation to the business cycle, so it was perhaps not so surprising that executives in charge of the US' second-largest natural gas producer were coming under pressure at a tine of low prices and plunging profits, quite apart from senior management issues already addressed in May (EIF May2' 12).
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