StateImpact: First bill signed in 2013 reverses 2010 law
Filed by Ben Allen in Feature.
March 14, 2013
It’s a confusing timeline. How can a corporation go from wanting a change in 2010 to wanting a reversal of that change in 2013? Well, the answer centers around controversy at Chesapeake Energy. When Reuters and the Pittsburgh Post Gazette both uncovered questionable dealings for Chairman and CEO Aubrey McClendon, the Board was at the center of the questioning.
Some argued they didn’t provide adequate oversight, and nearly all the members before the controversy haven’t survived the past couple months. The 2010 law, pushed by Chesapeake, staggered elections for directors on the Board. But shareholders wanted change after the issues came up, and they wanted it now. Governor Fallin signed the law March 6th, allowing annual elections for all seats.
State Impact Oklahoma has the play by play, and what this might mean for the future, here.