Form 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 12, 2016

 

 

VALERO ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-13175   74-1828067
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Jerry D. Choate, Director of Valero Energy Corporation (“Valero” or the “Company”), retired as a director of Valero effective May 12, 2016.

 

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

The 2016 annual meeting of the stockholders of Valero was held May 12, 2016. 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.

 

Joseph W. Gorder

   shares voted      required vote *     vote received  

for

     323,721,947         >50.0     91.90

against

     28,516,825        

abstain

     4,612,953        

broker non-votes

     47,940,640        

 

Deborah P. Majoras

   shares voted      required vote *     vote received  

for

     348,410,135         >50.0     97.77

against

     7,941,305        

abstain

     500,285        

broker non-votes

     47,940,640        

 

Donald L. Nickles

   shares voted      required vote *     vote received  

for

     347,734,914         >50.0     97.59

against

     8,569,293        

abstain

     547,518        

broker non-votes

     47,940,640        

 

Philip J. Pfeiffer

   shares voted      required vote *     vote received  

for

     353,199,839         >50.0     99.12

against

     3,132,702        

abstain

     519,184        

broker non-votes

     47,940,640        

 

Robert A. Profusek

   shares voted      required vote *     vote received  

for

     352,536,271         >50.0     99.09

against

     3,242,858        

abstain

     1,072,596        

broker non-votes

     47,940,640        

 

Susan Kaufman Purcell

   shares voted      required vote *     vote received  

for

     344,922,859         >50.0     97.46

against

     8,996,476        

abstain

     2,932,390        

broker non-votes

     47,940,640        


Stephen M. Waters

   shares voted      required vote *     vote received  

for

     355,248,899         >50.0     99.70

against

     1,070,932        

abstain

     531,894        

broker non-votes

     47,940,640        

 

Randall J. Weisenburger

   shares voted      required vote *     vote received  

for

     355,096,306         >50.0     99.67

against

     1,187,148        

abstain

     568,271        

broker non-votes

     47,940,640        

 

Rayford Wilkins, Jr.

   shares voted      required vote *     vote received  

for

     354,841,857         >50.0     99.58

against

     1,480,114        

abstain

     529,754        

broker non-votes

     47,940,640        

 

  (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, 2016. The proposal was approved as follows:

 

Proposal 2

   shares voted      required vote *     vote received  

for

     399,514,618         >50.0     98.70

against

     4,648,520        

abstain

     629,227        

broker non-votes

     n/a        

 

  (3) Proposal 3: Advisory vote to ratify the 2015 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

     333,937,588         >50.0     93.58

against

     20,969,386        

abstain

     1,944,751        

broker non-votes

     47,940,640        

 

  (4) Proposal 4: Vote to amend Valero’s Restated Certificate of Incorporation to remove the restriction on stockholders’ ability to remove directors without cause. The proposal was approved as follows:

 

Proposal 4

   shares voted      required vote *     vote received  

for

     397,313,854         >80.0     84.57

against

     4,788,380        

abstain

     2,690,131        

broker non-votes

     n/a        


  (5) Proposal 5: Vote to reapprove Valero’s 2011 Omnibus Stock Incentive Plan. The proposal was approved as follows:

 

Proposal 5

   shares voted      required vote *     vote received  

for

     338,234,977         >50.0     94.78

against

     17,576,715        

abstain

     1,040,033        

broker non-votes

     47,940,640        

 

* 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, 3 and 5 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 required approval by the affirmative vote of at least 80 percent of the voting power of the outstanding shares of the Company.

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 the voting power of the 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 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. Per the NYSE’s rules, brokers had discretion to vote at the Annual Meeting on Proposal 2 and 4.


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 18, 2016     By:  

/s/ Jay D. Browning

      Jay D. Browning
      Executive Vice President and General Counsel