Chesapeake moved to support the 2013 law change after a boardroom shake-up that led the company to embark on several governance reforms over the past year. At its annual meeting on June 14, Chesapeake will ask shareholders to approve a switch to annual director elections for its entire board beginning in 2014.
Rainbolt said BancFirst is switching to annual elections not because of the law change, but to boost the company's governance scores with shareholder ratings services.
“The reason we are doing away with staggered boards is the same reason the legislature got rid of it — it has become unpopular,” Rainbolt said. “We want to stay current in our corporate governance.”
Denver-based shareholder activist Gerald Armstrong, who owns BancFirst stock, said he is pleased with the company's move to put its board of directors up for election each year.
“It's nice to see a company doing things the right way,” he said.