UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 3, 2017

 

 

VALERO ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-13175   74-1828067

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

One Valero Way

San Antonio, Texas

  78249
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (210) 345-2000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 5.07 Submission of Matters to a Vote of Security Holders.

 

A. The 2017 annual meeting of the stockholders of Valero was held May 3, 2017. Matters voted on at the annual meeting and the results thereof were as follows:

 

  (1) Proposal 1: Election of directors. The election of each director was approved as follows.

 

H. Paulett Eberhart

   shares voted      required vote *     vote received  

for

     324,264,059        >50.0     98.41

against

     5,245,797       

abstain

     630,145       

broker non-votes

     56,190,860       

 

Joseph W. Gorder

   shares voted      required vote *     vote received  

for

     304,208,203        >50.0     94.03

against

     19,313,053       

abstain

     6,618,745       

broker non-votes

     56,190,860       

 

Kimberly S. Greene

   shares voted      required vote *     vote received  

for

     328,808,235        >50.0     99.80

against

     666,919       

abstain

     664,847       

broker non-votes

     56,190,860       

 

Deborah P. Majoras

   shares voted      required vote *     vote received  

for

     320,514,728        >50.0     97.71

against

     7,503,109       

abstain

     2,122,164       

broker non-votes

     56,190,860       

 

Donald L. Nickles

   shares voted      required vote *     vote received  

for

     324,363,811        >50.0     98.45

against

     5,100,429       

abstain

     675,761       

broker non-votes

     56,190,860       

 

Philip J. Pfeiffer

   shares voted      required vote *     vote received  

for

     327,267,912        >50.0     99.33

against

     2,210,825       

abstain

     661,264       

broker non-votes

     56,190,860       

 

Robert A. Profusek

   shares voted      required vote *     vote received  

for

     324,588,715        >50.0     98.52

against

     4,861,726       

abstain

     689,560       

broker non-votes

     56,190,860       


Susan Kaufman Purcell

   shares voted      required vote *     vote received  

for

     318,457,537        >50.0     96.67

against

     10,985,012       

abstain

     697,452       

broker non-votes

     56,190,860       

 

Stephen M. Waters

   shares voted      required vote *     vote received  

for

     327,794,866        >50.0     99.49

against

     1,696,127       

abstain

     649,008       

broker non-votes

     56,190,860       

 

Randall J. Weisenburger

   shares voted      required vote *     vote received  

for

     327,130,092        >50.0     99.29

against

     2,336,259       

abstain

     673,650       

broker non-votes

     56,190,860       

 

Rayford Wilkins, Jr.

   shares voted      required vote *     vote received  

for

     325,279,752        >50.0     98.74

against

     4,148,162       

abstain

     712,087       

broker non-votes

     56,190,860       

 

  (2) Proposal 2: Ratify the appointment of KPMG LLP to serve as Valero’s independent registered public accounting firm for the fiscal year ending December 31, 2017. The proposal was approved as follows:

 

Proposal 2

   shares voted      required vote *     vote received  

for

     379,971,815        >50.0     98.35

against

     5,516,314       

abstain

     842,732       

broker non-votes

     n/a       

 

  (3) Proposal 3: Advisory vote to ratify the 2016 compensation of the named executive officers listed in the proxy statement. The proposal was approved as follows:

 

Proposal 3

   shares voted      required vote *     vote received  

for

     306,300,389        >50.0     92.78

against

     22,113,883       

abstain

     1,725,729       

broker non-votes

     56,190,860       


  (4) Proposal 4: Vote to recommend the frequency of votes on executive compensation. The option receiving the most votes was the recommendation to hold a vote on executive compensation every year, as shown in the following:

 

Proposal 4

   shares voted      required vote *      vote received  

every year

     282,885,979        n/a        85.69

every two years

     1,056,131           00.32

every three years

     45,370,800           13.74

abstain

     827,091           00.25

 

* Notes:

Required votes. For Proposal 1, as required by Valero’s bylaws, each director is to be elected by a majority of votes cast with respect to that director’s election. Proposals 2 and 3 required approvals by the affirmative vote of a majority of the voting power of the shares present in person or by proxy at the Annual Meeting and entitled to vote. Proposal 4 sought recommendation from Valero’s stockholders among four available voting choices.

Effect of abstentions. Shares voted to abstain are treated as “present” for purposes of determining a quorum. In the election of directors, pursuant to Valero’s bylaws, shares voted to abstain are not deemed to be “votes cast,” and are accordingly disregarded. When, however, approval for a proposal requires the affirmative vote of a majority of the voting power of the shares present in person or by proxy and entitled to vote, then shares voted to abstain have the effect of a negative vote.

Effect of broker non-votes. Brokers holding shares for the beneficial owners of such shares must vote according to specific instructions received from the beneficial owners. If instructions are not received, in some instances, a broker may nevertheless vote the shares in the broker’s discretion. But under New York Stock Exchange rules, brokers are precluded from exercising voting discretion on certain proposals without specific instructions from the beneficial owner. This results in a “broker non-vote” on the proposal. A broker non-vote is treated as “present” for purposes of determining a quorum, has the effect of a negative vote when approval for a particular proposal requires the affirmative vote of the voting power of the issued and outstanding shares of the Company, and has no effect when approval for a proposal requires the affirmative vote of a majority of the voting power of the shares present in person or by proxy and entitled to vote.

 

B. Frequency of Stockholder Votes on Executive Compensation. Valero has determined to include annually in its proxy materials a stockholder vote on compensation of executives as required by section 14A(a)(2) of the Securities and Exchange Act of 1934.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    VALERO ENERGY CORPORATION
Date: May 5, 2017     by:  

/s/ Jay D. Browning

      Jay D. Browning
      Executive Vice President and General Counsel