Chesapeake Cutting Back on Charitable and Political Spending

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From State Journal:
In the wake of major changes to Chesapeake Energy's corporate governance policies, charitable spending is expected to be sharply reduced.
In a filing with the Securities Exchange Commission earlier this week, the natural gas giant detailed a "number of meaningful enhancements" to its governing policies. The changes include significantly reducing charitable, trade association and political expenditures.
According to the filing with the SEC, Chesapeake also hopes to reduce its overhead expenses by about $190 million.
According to its 2011 annual report, the company gave more than $31 million to charitable organizations. In that year, more than $9 million was donated to educational institutions from pre-school through higher education.
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