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Chesapeake Bows to Shareholder Requests on CEO Compensation (Jun 10, 2011)

A regulatory filing made late yesterday shows Chesapeake Energy bowed to investor pressure to change how it compensates CEO Aubrey McClendon and other company executives.

The SEC filing comes in advance of today’s shareholder meeting in Oklahoma City.

The Associated Press report shareholder groups had called for a review of McClendon's pay and in March, Chesapeake hired an independent consultant to do just that.

Chesapeake said yesterday that Cogent Compensation Partners was brought in to review its entire compensation system and provide recommendations.

Unlike many of his peers, McClendon’s annual compensation hasn't included performance-based incentives. McClendon’s compensation totaled $112.5 million in 2008, the highest for a CEO among Standard & Poor's 500 companies.

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