Valero Energy Corporation | Director votes - climate oversight at Valero Energy Corporation

Status
Voted
AGM date
Previous AGM date
Proposal number
1
Resolution details
Company ticker
VLO
Submitted by
-
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Director vote
Filer type
Management
Company sector
Energy
Company HQ country
United States
Whereas clause
The following directors have been nominated for election at the 2023 Annual meeting:
- Joseph W. Gorder (88.97% FOR)
- Fred M. Diaz (93.92 FOR)
- H. Paulett Eberhart (93.43% FOR)
- Marie A. Ffolkes (94.25% FOR)
- Kimberly S. Greene (94.14% FOR)
- Deborah P. Majoras (90.5%)
- Eric D. Mullins (94.37% FOR)
- Donald L. Nickles (93.22% FOR)
- Robert A. Profusek (91.54% FOR)
- Randall J. Weisenburger (92.56% FOR)
- Rayford Wilkins, Jr. (92.07% FOR)
Supporting statement
Majority Action is recommending investors vote against directors responsible for climate oversight, including board leadership, for failure to set adequate net zero targets reducing greenhouse gas emissions, fully realign investment plans to limit warming to 1.5°C, and/or ensure alignment of policy influence activities with 1.5°C pathways.

For more details, access: https://www.proxyvoting.majorityaction.us/

Mercy Investment Services, Inc. has issued an exempt solicitation recommending investors "vote against the re-election of director nominees Robert A. Profusek, Deborah Majoras, and Rayford Wilkins for failing to provide accurate and timely disclosure of environmental risks and opportunities, such as those associated with climate change."

Read the full statement here: https://www.sec.gov/Archives/edgar/data/1035002/000121465923005819/b424230px14a6g.htm

Mercy Investment Services, Inc. has also published a business case video testimonial here: https://www.youtube.com/watch?v=rBY0oclhm9U

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
KBI Global Investors Against We are voting against all nominees due to concerns regarding the company's management and its oversight of climate-related risks. Furthermore, the company is not aligned with investor expectations on Net Zero by 2050 targets and commitments.

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