Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 13

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 13
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 • Amended our governing documents to increase the number of directors subject to public election by adding the three directors who are current or former members of management. • Amended our governing documents to eliminate the lone remaining legacy director designation right, resulting in all Board members being subject to public election, and all non-management directors serving on the same basis in terms of rights, duties and obligations of directors. Board Refreshment • Since January 2017, six new directors have been added to the Board, and five directors have departed the Board. Director Independence • Amended our governing documents to require that a majority of our Board satisfy applicable stock exchange independence requirements, despite the fact that as a limited partnership we are exempt from such requirements (eight out of 11 (~73%) of our current Board members have been assessed by the Board and determined to be independent). • Amended our governing documents to create a strong lead independent director role in connection with the retirement of our former Chairman and the re-combination of the roles of Chairman and CEO. The Board believes that rotation of the Lead Director role after five years is a good governance practice and has determined that John Raymond will replace Bobby Shackouls as Lead Director effective June 1, 2025. • Appointed independent chairman to Compensation Committee. • Mandated that the members of all standing Board committees be independent despite the fact that as a limited partnership, we are exempt from applicable stock exchange committee independence requirements. Board Oversight and Process • With the assistance of our Governance Committee, initiated a comprehensive board assessment, refreshment and succession planning process that includes a periodic skills and needs assessment, the development and maintenance of a formal board succession plan and annual individual director performance evaluations. • Adopted Equity Ownership Guidelines and a Clawback Policy. 1 These fundamental changes to our governance structure were overwhelmingly approved by our shareholders at a special meeting of PAGP’s shareholders held in November 2016 in connection with our Simplification Transaction. 7 TABLE OF CONTENTS • Established the Health, Safety, Environmental and Sustainability (“HSES”) Committee to assist the Board in its oversight of various HSES matters and facilitate the efforts of management to further strengthen our focus on sustainability and certain ESG matters. The features described above distinguish us from many of our midstream master limited partnership peers. Together with the alignment of interests among investors that was created through the elimination of PAA’s incentive distribution rights in connection with the Simplification Transaction, the Board has put in place an overall governance structure that vastly improves the governance rights of our investors and which we