8-K 1 d347749d8k.htm FORM 8-K 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 3, 2012

 

 

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 2012 annual meeting of the stockholders of Valero Energy Corporation (“Valero”) was held May 3, 2012. 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.

 

Ronald K. Calgaard

   shares voted      required vote *   vote received

for

     387,619,450       >50.0%   97.33%

against

     10,626,330        

abstain

     730,938        

broker non-votes

     66,389,727        

 

Jerry D. Choate

   shares voted      required vote *   vote received

for

     329,661,772       >50.0%   82.78%

against

     68,585,122        

abstain

     729,824        

broker non-votes

     66,389,727        

 

Ruben M. Escobedo

   shares voted      required vote *   vote received

for

     337,427,857       >50.0%   84.74%

against

     60,758,290        

abstain

     790,571        

broker non-votes

     66,389,727        

 

William R. Klesse

   shares voted      required vote *   vote received

for

     382,529,397       >50.0%   96.08%

against

     15,615,273        

abstain

     832,048        

broker non-votes

     66,389,727        

 

Bob Marbut

   shares voted      required vote *   vote received

for

     326,680,196       >50.0%   82.65%

against

     68,565,106        

abstain

     3,731,416        

broker non-votes

     66,389,727        

 

Donald L. Nickles

   shares voted      required vote *   vote received

for

     325,206,188       >50.0%   81.66%

against

     73,037,040        

abstain

     733,490        

broker non-votes

     66,389,727        

 

Philip J. Pfeiffer

   shares voted      required vote *   vote received

for

     393,888,312       >50.0%   98.91%

against

     4,354,061        

abstain

     734,345        

broker non-votes

     66,389,727        


Robert A. Profusek

   shares voted      required vote *   vote received

for

     334,198,107       >50.0%   83.92%

against

     64,044,591        

abstain

     734,020        

broker non-votes

     66,389,727        

 

Susan Kaufman Purcell

   shares voted      required vote *   vote received

for

     388,034,787       >50.0%   97.44%

against

     10,185,812        

abstain

     756,119        

broker non-votes

     66,389,727        

 

Stephen M. Waters

   shares voted      required vote *   vote received

for

     392,670,454       >50.0%   98.64%

against

     5,411,051        

abstain

     895,213        

broker non-votes

     66,389,727        

 

Randall J. Weisenburger

   shares voted      required vote *   vote received

for

     390,907,541       >50.0%   98.16%

against

     7,327,661        

abstain

     741,516        

broker non-votes

     66,389,727        

 

Rayford Wilkins, Jr.

   shares voted      required vote *   vote received  

for

     334,972,519       >50.0%     84.11

against

     63,283,429        

abstain

     720,770        

broker non-votes

     66,389,727        

 

  (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, 2012. The proposal was approved as follows:

 

Proposal 2

   shares voted      required vote *   vote received

for

     454,739,916       >50.0%   97.72%

against

     9,794,754        

abstain

     831,775        

broker non-votes

     n/a        

 

  (3) Proposal 3: Vote on an advisory resolution to ratify the 2011 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

     306,615,533       >50.0%   76.85%

against

     90,349,577        

abstain

     2,011,608        

broker non-votes

     66,389,727        


Stockholder Proposals:

 

  (4) Proposal 4: Vote on a stockholder proposal entitled, “Disclosure of Political Contributions.” The proposal was not approved. Voting results for the proposal follow.

 

Proposal 4

   shares voted      required vote *   vote received

for

     112,774,604       >50.0%   28.27%

against

     201,756,243        

abstain

     84,445,871        

broker non-votes

     66,389,727        

 

  (5) Proposal 5: Vote on a stockholder proposal entitled, “Report on Steps Taken to Reduce Risk of Accidents.” The proposal was not approved. Voting results for the proposal follow:

 

Proposal 5

   shares voted      required vote *   vote received

for

     142,637,925       >50.0%   35.75%

against

     181,362,022        

abstain

     74,976,771        

broker non-votes

     66,389,727        

 

* 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 5 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 4, 2012     By:  

    /s/ Jay D. Browning

          Jay D. Browning
          Senior Vice President and Secretary