Chesapeake Energy Corp. shareholders at Friday's annual meeting praised the company for the changes it has made over the past year.
The event marked a stark contrast from last year, when most proposals were defeated and most shareholder comments were negative.
“I want to thank you for what you've done. It's spectacular how far you've come,” Chesapeake shareholder Peter Hoffman said during the meeting. “It's remarkable what you've done in a year.”
The California Public Employees' Retirement System (CALPERS) was among the most critical shareholders one year ago.
Friday, however, representative Jameela Pedicini praised the company for its recent changes,
“I want to commend the Chesapeake board of directors for taking positive action,” she said. “We genuinely appreciate the changes. CALPERS fully supports the company's adoption of an independent chairman and encourages the board to continue with that practice.”
Chesapeake shareholders re-elected eight directors with an average approval of 96 percent of the votes cast. Shareholders also approved the company's proposed compensation and long-term incentive plans.
Three board proposals failed, each having received 60 percent of the vote, but less than the two-thirds majority required. Those proposals were plans to eliminate the supermajority voting requirements, make every director up for re-election every year and to make it easier for shareholders to make proposals.