Who is Rebecca G. Followill and what expertise does she bring to the Board?

Rebecca G. Followill is a new director appointed to the Board, effective January 1, 2023. She is a petroleum engineer with 38 years of energy industry experience, including over 25 years as a securities analyst focused on company valuations and competitiveness. Her experience with U.S. Capital Advisors, Tudor, Pickering, Holt, & Co., Howard Weil, Inc., and Merrill Lynch provides valuable financial and industry insight.

Why is Richard S. Snell no longer a voting director?

Richard S. Snell reached 80 years of age during 2022. In accordance with Enterprise Products Partners L.P.'s Governance Guidelines, non-management directors are not eligible for reappointment after reaching this age, unless specific exceptions apply. His departure from the voting board is not due to any disagreement.

What is the role of an 'advisory director' at EPD?

Advisory directors, such as Mr. Snell and Mr. Smith, and honorary directors, like Mr. Andras, are appointed by the Board. However, they are not entitled to vote on any matters as directors. They likely provide guidance and insights in a non-binding capacity.

Are there any significant changes to the committee structures?

Yes, the composition of the Audit and Conflicts Committee, Governance Committee, and Capital Projects Committee has been updated to reflect the new board appointments and departures. Notably, the new director, Rebecca G. Followill, has been appointed to the Audit and Conflicts Committee.

EPD/EPDU 8-K: Leadership Changes

Summary

Enterprise Products Partners L.P. (EPD) filed an 8-K on December 29, 2022, primarily detailing changes to its Board of Directors for the General Partner, effective January 1, 2023. The sole member of the General Partner, Dan Duncan LLC, appointed a new slate of directors. Notably, Rebecca G. Followill, a seasoned petroleum engineer and former securities analyst with extensive energy industry experience, has been appointed as a new director and will also serve on the Audit and Conflicts Committee. This appointment brings valuable expertise in financial analysis and company valuation to the board. In accordance with the Partnership's Governance Guidelines, Richard S. Snell will not be reappointed to the Board as he reached the age of 80 during 2022. However, Mr. Snell has been appointed as an advisory director, continuing his contribution in a non-voting capacity. The filing also confirms the continuation of key leadership roles, with Randa Duncan Williams remaining as non-executive Chairman and Richard H. Bachmann as non-executive Vice Chairman. The composition of various board committees, including Audit and Conflicts, Governance, and Capital Projects, has also been updated to reflect these changes.

Key Highlights

1Appointment of Rebecca G. Followill, a petroleum engineer with 38 years of energy industry experience and over 25 years as a securities analyst, to the Board of Directors, effective January 1, 2023.
2Rebecca G. Followill has also been appointed to the Board's Audit and Conflicts Committee.
3Richard S. Snell will not be reappointed to the Board due to the Partnership's Governance Guidelines mandating retirement at age 80 (reached in 2022).
4Richard S. Snell has been appointed as an advisory director, a non-voting role.
5Randa Duncan Williams will continue to serve as non-executive Chairman of the Board.
6Richard H. Bachmann will continue to serve as non-executive Vice Chairman of the Board.
7Updated committee assignments for the Audit and Conflicts Committee, Governance Committee, and Capital Projects Committee effective January 1, 2023.

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Executive Changes (Dec 29, 2022)

Summary

Key Highlights

Frequently Asked Questions