Business Context and Reporting Period
This Form 8-K filing by Plains GP Holdings, L.P. (PAGP) reports on the results of the 2019 annual meeting of shareholders held on May 15, 2019. The company is incorporated in Delaware and its Class A shares trade on the New York Stock Exchange under the symbol PAGP.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and voting outcomes rather than financial performance.
Material Changes and Voting Results
Shareholders voted on three primary matters at the annual meeting:
- Election of Directors: Two Class II directors were elected to serve until the 2022 annual meeting.
- Victor Burk: 474,793,482 votes For; 109,036,247 votes Withheld.
- Gary R. Petersen: 443,126,144 votes For; 140,703,585 votes Withheld.
- Ratification of Auditors: Shareholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2019.
- 679,069,548 votes For; 26,580,175 votes Against; 700,864 votes Abstained.
- Executive Compensation: Shareholders approved, on a non-binding advisory basis, the named executive officer compensation.
- 418,802,666 votes For; 162,746,960 votes Against; 2,280,102 votes Abstained.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items.
Key Facts for Investor Verification
- Verify the tenure of the newly elected directors (Victor Burk and Gary R. Petersen) through the 2022 annual meeting.
- Confirm the engagement of PricewaterhouseCoopers LLP for the 2019 fiscal year audit.
- Note the significant number of broker non-votes (approx. 122.5 million) on the director election and executive compensation proposals.
- Review the substantial "Against" votes on executive compensation (approx. 162.7 million) relative to the "For" votes.