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.