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The Chesapeake (CHK -1.6%) board's probe into CEO Aubrey McClendon's deals with the company is...

The Chesapeake (CHK -1.6%) board's probe into CEO Aubrey McClendon's deals with the company is expected to end in mid-January and is unlikely to lead to McClendon's ouster, "a person close to the board" tells the WSJ. The fact the probe has been led by Burns Hargis, who supervised McClendon's Chesapeake deals, has bothered some investors. Top shareholders Southeastern Asset Management and Carl Icahn have been pushing for governance improvements. (SEC inquiry)
Comments (4)
  • Mike Maher
    , contributor
    Comments (2500) | Send Message
     
    Somehow having the person who supervised deals lead the probe into the deals passes as corporate governance these days.
    31 Dec 2012, 11:02 AM Reply Like
  • albertomagnon
    , contributor
    Comment (1) | Send Message
     
    I agree
    31 Dec 2012, 12:18 PM Reply Like
  • Factzplz
    , contributor
    Comments (226) | Send Message
     
    The transactions had three pages of disclosure in the annual proxy sent to, and approved by, all shareholders.

     

    The transactions were approved by shareholders as specific items twice.

     

    Because Reuters tried to make news does not mean it is news. The question should be, why does anybody believe a factually incorrect story?
    31 Dec 2012, 11:11 AM Reply Like
  • Festivus
    , contributor
    Comments (67) | Send Message
     
    Think the link was to a WSJ article but agree that Reuters has led the charge, often recycling old news to trash CHK. And for that I applaud them as the only news outlet that has been a consistent voice of dissent about the crony capitalism that continues unabated at CHK.

     

    Just because something is (barely) legal and has been disclosed in the fine print of a proxy doesn't make it ethical or in shareholders' best interests. The real story is that all the bad behavior continues with seemingly no independent, external oversight - does anyone know what became of the SEC probes ? Lawsuits pending ?
    31 Dec 2012, 01:22 PM Reply Like
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