TORONTO, June 8 /CNW/ - The Ontario Teachers' Pension Plan has delivered
a message to fellow Chesapeake Energy shareholders: it intends to withhold
upcoming annual general meeting proxy votes for conflicted directors and vote
in favour of shareholder proposals calling for de-classification of the board
of directors and majority voting for directors. Chesapeake's annual general
meeting is scheduled for Friday, June 12.
Teachers' filed a derivative complaint against Chesapeake late last month
in Oklahoma State Court. The complaint is made on the company's behalf against
the Chief Executive Officer and the board of directors who, the filing states,
breached their fiduciary duties by approving excessive expenses.
The Ontario Teachers' Pension Plan is the largest single-profession
pension plan in Canada, with $87.4 billion in assets as of December 31, 2008.
An independent corporation, it invests the pension fund's assets and
administers the pensions of 284,000 active and retired teachers in Ontario. It
manages one of the largest payrolls in the country, with $4.2 billion in
annual pension payments. For more information visit www.otpp.com
For further information:
For further information: Carol Dunsmore, Manager, Investment
Communications, (416) 730-5302, firstname.lastname@example.org