By Ben Lefebvre Of DOW JONES NEWSWIRES HOUSTON -(Dow Jones)- Shareholder advisory firm Glass, Lewis & Co. on Wednesday advised investors in Chesapeake Energy Corp. (CHK) to vote for shareholder proposals that would dramatically reform the embattled company's board. Glass, Lewis's recommendations, following similar advice from advisory firm ISS, came with a stinging critique of the board's management of Chesapeake, the second-largest U.S. natural-gas producer after Exxon Mobil Corp. (XOM). Glass, Lewis advised shareholders to withhold votes that would re-elect two current board members and to cast ballots for proposals that would open up the board to more direct shareholder input. "We believe the company's flagrant disregard toward the will of shareholders ... displays a cavalier attitude toward corporate governance and a clear failure to put shareholder interest before that of the company's management and board," the firm said. Glass, Lewis is an independent, governance analysis and proxy voting firm that advises institutional investors with a combined asset management of more than $15 trillion. -By Ben Lefebvre, Dow Jones Newswires; 713-547-9201; ben.lefebvre@dowjones.com; Twitter: @bjlefebvre Order free Annual Report for Chesapeake Energy Corp. Visit http://djnweurope.ar.wilink.com/?ticker=US1651671075 or call +44 (0)208 391 6028 Order free Annual Report for Exxon Mobil Corporation Visit http://djnweurope.ar.wilink.com/?ticker=US30231G1022 or call +44 (0)208 391 6028
