After McClendon's Trades, Chesapeake Board Gave Blessing -Reuters

Date : 05/08/2012 @ 7:53AM
Source : Dow Jones News
Stock : Chesapeake Energy Corp. (CHK)
Quote : 5.26  -0.03 (-0.57%) @ 6:38PM

After McClendon's Trades, Chesapeake Board Gave Blessing -Reuters

Chesapeake (NYSE:CHK)
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Chesapeake Energy Corp. (CHK) CEO Aubrey McClendon, in his latest employment contract, was granted permission to trade commodities for himself after he had already begun doing so, Reuters reported Tuesday.

The contract raises questions about what the Chesapeake board knew of McClendon's personal investments and whether his deal making might be at odds with his fiduciary responsibilities, the report said.

The 2009 contract did, however, explicitly limit McClendon from taking an active role in any hedge fund after his personal hedge fund had shut down.

Two board members declined comment to Reuters. McClendon through his spokesman also declined comment. A Chesapeake spokesman would say only that McClendon's employment contracts "fall under board review."

Full story at http://www.reuters.com/article/2012/05/08/us-chesapeake-mcclendon-contract-idUSBRE8470EU20120508

-Dow Jones Newswires; 212-416-2900




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