8-K

 

 

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 1, 2014

 

 

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))

 

 

 


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

The 2014 annual meeting of the stockholders of Valero Energy Corporation (“Valero”) was held May 1, 2014. 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.

 

Jerry D. Choate

   shares voted      required vote *     vote received  

for

     373,904,318         >50.0     98.34

against

     6,327,635        

abstain

     1,794,386        

broker non-votes

     64,480,853        

 

Joseph W. Gorder

   shares voted      required vote *     vote received  

For

     375,995,727         >50.0     98.89

against

     4,227,952        

abstain

     1,802,660        

broker non-votes

     64,480,853        

 

William R. Klesse

   shares voted      required vote *     vote received  

For

     372,723,339         >50.0     98.46

against

     5,836,867        

abstain

     3,466,433        

broker non-votes

     64,480,853        

 

Deborah P. Majoras

   shares voted      required vote *     vote received  

For

     379,043,457         >50.0     99.69

Against

     1,174,567        

abstain

     1,808,315        

broker non-votes

     64,480,853        

 

Donald L. Nickles

   shares voted      required vote *     vote received  

For

     364,339,431         >50.0     95.82

against

     15,873,968        

abstain

     1,812,940        

broker non-votes

     64,480,853        

 

Philip J. Pfeiffer

   shares voted      required vote *     vote received  

For

     379,123,146         >50.0     99.71

against

     1,095,985        

abstain

     1,807,208        

broker non-votes

     64,480,853        

 

Robert A. Profusek

   shares voted      required vote *     vote received  

For

     379,096,171         >50.0     99.71

against

     1,119,348        

abstain

     1,810,820        

broker non-votes

     64,480,853        


Susan Kaufman Purcell

   shares voted      required vote *     vote received  

For

     370,674,362         >50.0     98.20

against

     6,808,272        

abstain

     4,543,705        

broker non-votes

     64,480,853        

 

Stephen M. Waters

   shares voted      required vote *     vote received  

For

     376,551,106         >50.0     99.76

against

     906,577        

abstain

     4,568,656        

broker non-votes

     64,480,853        

 

Randall J. Weisenburger

   shares voted      required vote *     vote received  

For

     375,778,164         >50.0     98.81

against

     4,517,495        

abstain

     1,730,680        

broker non-votes

     64,480,853        

 

Rayford Wilkins, Jr.

   shares voted      required vote *     vote received  

For

     379,240,332         >50.0     99.72

against

     1,057,988        

abstain

     1,728,019        

broker non-votes

     64,480,853        

 

  (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, 2014. The proposal was approved as follows:

 

Proposal 2

   shares voted      required vote *     vote received  

For

     439,594,515         >50.0     98.45

against

     5,087,396        

abstain

     1,825,281        

broker non-votes

     n/a        

 

  (3) Proposal 3: Vote on an advisory resolution to ratify the 2013 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

     365,532,626         >50.0     95.68

against

     12,376,668        

abstain

     4,117,045        

broker non-votes

     64,480,853        


Stockholder Proposals:

 

  (4) Proposal 4: Vote on a stockholder proposal entitled, “Accelerated Vesting of Performance Shares.” The proposal was approved. Voting results for the proposal follow:

 

Proposal 4

   shares voted      required vote *     vote received  

For

     213,348,104         >50.0     55.85

against

     166,055,772        

abstain

     2,622,463        

broker non-votes

     64,480,853        

 

  (5) Proposal 5: Vote on a stockholder proposal entitled, “Climate Change Management Plan.” The proposal was not approved. Voting results for the proposal follow:

 

Proposal 5

   shares voted      required vote *     vote received  

For

     121,434,011         >50.0     31.79

against

     186,574,849        

abstain

     74,017,479        

broker non-votes

     64,480,853        

 

  (6) Proposal 6: Vote on a stockholder proposal entitled, “Corporate Lobbying.” The proposal was not approved. Voting results for the proposal follow:

 

Proposal 6

   shares voted      required vote *     vote received  

For

     169,813,727         >50.0     44.45

against

     159,275,258        

abstain

     52,937,354        

broker non-votes

     64,480,853        

 

* 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 through 6 required approval 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.

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 (a) the affirmative vote of a majority of the voting power of the issued and outstanding shares of the company, or (b) 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 specific 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 a majority 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. Per the NYSE’s rules, brokers had discretion to vote at the Annual Meeting on Proposal 2 only.


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, 2014     By:  

/s/ Jay D. Browning

      Jay D. Browning
      Executive Vice President and
      General Counsel