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Former Chesapeake CEO Aubrey McClendon.
Former Chesapeake CEO Aubrey McClendon.
(SEAN GARDNER/REUTERS)

BREAKINGVIEWS

SEC steps in to do job Chesapeake board should have

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

The U.S. Securities and Exchange Commission is going where the Chesapeake board feared to tread. The watchdog has launched an investigation into the gas company’s disgraced chief executive officer, Aubrey McClendon. Shareholders suing the company will welcome the news. But Chesapeake’s directors should have set up a more impartial inquiry themselves. That oversight could prove costly.