8-KShareholder Matters

Targa Resources Corp. 8-K Report, Shareholder Vote Results (May 25, 2018)

Filed May 25, 2018For Securities:TRGP

Summary

Targa Resources Corp. (TRGP) filed an 8-K on May 25, 2018, reporting the results of its annual meeting of stockholders held on May 24, 2018. The primary focus of the filing is the voting outcomes on key corporate governance and shareholder matters. All proposals presented to the stockholders received strong majority support, indicating shareholder confidence in the current board and management's direction. Specifically, the election of three Class II Directors for a three-year term, the ratification of PricewaterhouseCoopers LLP as the independent auditor for 2018, and the advisory approval of executive compensation were all overwhelmingly approved. The significant portion of broker non-votes on director elections and executive compensation proposals is a standard observation in such filings, reflecting shares held in street name where instructions were not provided by the beneficial owner.

Key Highlights

  • 1Targa Resources Corp. held its annual meeting of stockholders on May 24, 2018.
  • 2All three nominated Class II Directors were elected for a three-year term, expiring at the 2021 Annual Meeting.
  • 3PricewaterhouseCoopers LLP was ratified as the Company's independent registered public accounting firm for 2018 with substantial shareholder approval.
  • 4The compensation of Targa Resources' named executive officers was approved on an advisory basis.
  • 5Director elections and executive compensation proposals saw a considerable number of broker non-votes, common for shares held in street name without voting instructions.
  • 6The filing confirms high levels of shareholder support for the company's slate of directors and auditor selection.

Frequently Asked Questions

The main topics voted on were the election of three Class II Directors, the ratification of PricewaterhouseCoopers LLP as the independent auditor for 2018, and an advisory vote to approve the compensation of the company's named executive officers.

All three Class II Directors up for re-election were elected for a term of three years, with significant 'Votes For' exceeding 'Votes Against' and abstentions by a large margin for each nominee.

Yes, the selection of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for 2018 was ratified by shareholders with strong 'Votes For' approval.

Broker Non-Votes represent shares held by brokers or other nominees in 'street name' for which instructions were not received from the beneficial owner of the shares. These shares are not counted as voting for or against a proposal.