The board also has submitted proposals to make each director stand for re-election every year and to eliminate supermajority voting requirements.
“We believe Chesapeake's brightest days lie ahead, and we look forward to delivering maximum value to shareholders as we develop our exceptional asset base,” the directors said in the proxy.
The proposals will be voted on at Chesapeake's annual shareholders meeting, which is scheduled for June 14 in Oklahoma City. Several of this year's company proposals are similar to stockholder proposals Chesapeake's former board opposed last year.
Founders Well Participation Program
Friday's filing also provided updated information on the Founders Well Participation Program, through which Chesapeake co-founder and former CEO Aubrey McClendon has bought up to a 2.5 percent stake in almost every well Chesapeake has drilled.
McClendon left the company April 1, but under terms of his severance agreement, he has chosen to buy 2.5 percent of each well the company drills through June 30, 2014.
McClendon has paid more than $1 billion for capital expenditures related to drilling and completing wells since 2010, including $434 million in 2012, according to the proxy.
McClendon told the company he values his stake in the future production of the wells at $335 million.