Chesapeake shareholders spoke out at the company's annual meeting, both in comments and in their votes.

Shareholders overwhelmingly rejected Oklahoma State University President Burns Hargis and former Union Pacific Corp. executive Richard K. Davidson, the two directors up for re-election. Hargis received only 26 percent of the vote; Davidson received only 27 percent.

Both men, who comprise Chesapeake's audit committee, had been targeted for replacement by several institutional investors and shareholder advisory services.

“This is an overwhelming vote of no confidence in the board of directors and their oversight,” said Michael Garland, director of corporate governance for New York City Comptroller John C. Liu.