Financially stressed Chesapeake Energy Corp. of Friday said it would cut the pay of outside directors on its board by 20 percent and eliminate their use of company aircraft, the Associated Press reported.
The company said it is implementing the new policy after consulting with an independent compensation adviser.
Outisde directors will now be paid $100,000 in cash and $250,000 in stock every year.
Chesapeake said ina recent proxy statement it intends to cut the pay of CEO Aubrey McClendon, the AP reported.
Chesapeake is the No. 1 player in Ohio's Utica shale.
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.