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Chesapeake says shareholders reject board declassification proposal

A proposal to declassify Chesapeake Energy's board of directors received the approval of 60% of shares outstanding, falling short of the two-thirds required for approval, the company announced earlier today. Passage of the measure would have made it easier to replace the entire board at one time. The company also announced that eight of its board members were reelected with an average of 965 of the votes cast.