June 08, 2009
TORONTO - 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.
Manager, Investment Communications
Director, Communications and Media Relations
Ontario Teachers' Pension Plan