r, a move that was a formality. Diamond announced he would end his bid to join the central bank in an opinion piece in the New York Times on Monday, citing strong Republican opposition. As the 2012 election approaches, experts said it may be more difficult for President Barack Obama to fill ths a remarkable level of opposition," said Carol Bowie, head of compensation policy at Institutional Shareholder Services, the proxy advisory service that called for McClendon's departure from the board. Corporate board elections rarely yield opposition greater than 10%, Bowie said. Chesapeake spokesman Jim Gipson said the vote shows "overwhelming support for management and for our board." He added that in 2008, McClendon's nearly unanimous re-election came as the company's stock climbed to a record high of $74 on historically high natural gas prices. Chesapeake shares traded Friday at $29.34, off 1.41% amid broader market declines. McClendon, who helped found Chesapeake in 1989 and build it into the second-largest natural gas producer in the U.S., has been one of the highest paid executives in any sector in recent years, collecting compensation valued at more than $152 million since 2008. His 2010 pay package was valued at more than $21 million, according to securities filings. ISS recommended shareholders remove McClendon from the board, citing an executive compensation system that is not tied to performance standards. On Thursday, just ahead of the meeting, Chesapeake seemed to cave in to some of ISS's pressure, when it announced it hired an "independent compensation consultant" and committed to implement a pay system recommended by that firm that "includes objective performance criteria." On Friday, Chesapeake's shareholders narrowly approved the companr, a move that was a formality. Diamond announced he would end his bid to join the central bank in an opinion piece in the New York Times on Monday, citing strong Republican opposition. As the 2012 election approaches, experts said it may be more difficult for President Barack Obama to fill th