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- 39.5% Opposition to Executive Compensation (new) — Elevated say-on-pay opposition suggests unitholder dissatisfaction with 2025 executive compensation practices and may prompt board review.
PAA unitholders show elevated opposition to executive pay, approve directors and auditor
Filed May 22, 2026 · Period ending May 20, 2026 · ~1 min read
Key Changes
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medium
Say-on-pay vote on 2025 executive compensation passed with 60.5% support (188.9M for, 121.7M against), representing 39.5% opposition of votes cast and signaling unitholder concerns about compensation practices.
Item 5.07 — Submission of Matters to a Vote of Security Holders verify on EDGAR → -
low
Four Class I directors elected to PAGP board with strong support: Willie Chiang (97.9%), Ellen DeSanctis (98.3%), Alexandra Pruner (97.7%), and Larry Ziemba (98.1%) of votes cast, all to serve until 2029.
Item 5.07 — Submission of Matters to a Vote of Security Holders verify on EDGAR → -
low
PricewaterhouseCoopers LLP ratified as independent auditor for fiscal 2026 with 99.0% support (437.6M for, 3.8M against) of votes cast.
Item 5.07 — Submission of Matters to a Vote of Security Holders verify on EDGAR →
Summary
Plains All American Pipeline held its annual meeting on May 20, 2026, with 83.2% of eligible units represented (441,976,013 of 530,943,161 units). The most notable outcome was the say-on-pay vote, where 39.5% of votes cast opposed the 2025 executive compensation plan—a level of dissent that signals meaningful unitholder concern. While the proposal passed with 60.5% support (188.9M for vs. 121.7M against), this elevated opposition may prompt the board to reassess compensation practices or engage with unitholders on their concerns.
The remaining items passed with strong support. Four Class I directors were elected to PAGP's board with approval rates between 97.7% and 98.3%, and the auditor ratification received 99.0% support. The director elections and auditor vote reflect routine governance outcomes with no material concerns.
Section-by-Section Diff
Event · Item 5.07 — Submission of Matters to a Vote of Security Holders
PAA unitholders voted to instruct PAA on PAGP board elections, auditor ratification, and executive compensation at the May 20, 2026 annual meeting.
Added in current filing · verify on EDGAR → · paraphrased
Unitholders (other than Plains AAP, L.P.) voted to instruct PAA to vote the PAGP Class C shares that it owns at the PAGP annual meeting on the approval, on a non-binding advisory basis, of our 2025 named executive officer compensation as follows: ... For 188,931,812 Against 121,666,547 Abstained 1,474,133 FOR* 60.5% Broker Non-Votes 129,903,521
The non-binding say-on-pay vote on 2025 executive compensation received 60.5% support of votes cast (188,931,812 for, 121,666,547 against, 1,474,133 abstained), with 129,903,521 broker non-votes. This represents 35.6% support of units entitled to vote. The elevated opposition of 39.5% of votes cast is notable and may warrant board attention to compensation practices.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
Out of the 530,943,161 common units and Series A Preferred units entitled to vote on Items 1, 2 and 3, approximately 83.2%, or 441,976,013 units, were represented in person or by proxy at the PAA annual meeting. ... Willie Chiang 305,596,109 | 6,476,382 | 97.9% 129,903,522 ... Ellen DeSanctis 306,878,470 | 5,194,021 | 98.3% 129,903,522 ... Alexandra Pruner 304,958,788 | 7,113,703 | 97.7% 129,903,522 ... Larry Ziemba 306,095,853 | 5,976,638 | 98.1% | 129,903,522
Unitholders instructed PAA to vote for four Class I directors to serve on PAGP's board until 2029. All four nominees received strong support: Willie Chiang (97.9%), Ellen DeSanctis (98.3%), Alexandra Pruner (97.7%), and Larry Ziemba (98.1%) of votes cast. Broker non-votes were 129,903,522 for each nominee. Support ranged from 57.5% to 57.8% of units entitled to vote.
Added in current filing · verify on EDGAR → · paraphrased
Unitholders (other than Plains AAP, L.P.) voted to instruct PAA to vote the PAGP Class C shares that it owns at the PAGP annual meeting on the ratification of the appointment of PricewaterhouseCoopers LLP as PAGP's and PAA's independent registered public accounting firm for the fiscal year ending December 31, 2026 as follows: ... For 437,632,921 Against 3,758,542 Abstained 584,550 FOR* 99.0% Broker Non-Votes -0-
Unitholders instructed PAA to vote for ratification of PricewaterhouseCoopers LLP as the independent auditor for fiscal 2026. The proposal received 99.0% support of votes cast (437,632,921 for, 3,758,542 against, 584,550 abstained), representing 82.4% of units entitled to vote.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify