Chesapeake Energy CEO Aubrey McClendon Will Forgo His 2012 Bonus

Monday, January 7th 2013, 6:41 pm
By: News 9

Chesapeake Energy CEO Aubrey McClendon will forgo his 2012 bonus, at his own suggestion, and pay for use of company-leased planes in excess of $250,000, the company announced Monday in a federal securities filing.

The filing with the Securities and Exchange Commission included a number of changes Chesapeake pledged to make by its 2013 shareholder meeting.

They include:

-Eliminating "supermajority" voting requirements and allowing proxy voting, both of which make it easier to replace board members;

-Changing state law so that shareholders may elect the entire board at one time;

-Publishing information on political expenditures;

-"Significantly reducing" charitable, political and trade association spending; and

-Bringing executive pay closer to the industry median level.

The company noted that it already had taken steps to improve corporate governance by appointing an independent, nonexecutive chairman, reducing board compensation and eliminating board members' use of company aircraft.