Council of Institutional Investors

Oklahoma House Passes Bill to Destagger Boards
Wednesday, February 13, 2013
by: Rosemary Lally

Section: CII Governance Alert

On February 12, the Oklahoma House of Representatives approved a bill that would allow companies incorporated in the state to hold director elections annually, StateImpact reported. The legislation rewrites a 2010 Oklahoma law requiring staggered boards. Chesapeake Energy, which championed the 2010 law, is supporting the change as part of a package of corporate governance reforms its board agreed to earlier. The bill now goes to the Oklahoma State Senate for consideration.  If a new law is not passed, the directors who just joined Chesapeake’s board have vowed to reincorporate the company in Delaware.
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