Valero has introduced a new Energy Transition performance measure into its compensation program for executive officers, as requested in a shareholder resolution filed by investor representative As You Sow. Blue Summit partners with As You Sow to encourage responsible changes in the largest corporations. The shared goal is to spur business practices that are conducive to long term financial health for those corporations and environmentally responsible. To be clear, Valero is not a holding in any Blue Summit investment models.
The first-time proposal asked the company to align its executive compensation plan with climate change performance metrics. In recognition of Valero’s progress on this Indicator, As You Sow has withdrawn its resolution.
“Investors welcome Valero’s new policy linking executive compensation to climate-related goals,” said Lila Holzman, senior energy program manager of As You Sow. “We look forward to seeing how this good governance practice helps accelerate Valero’s climate progress.
“We know that compensation incentives drive outcomes,” said Danielle Fugere, president of As You Sow, “so linking success in meeting climate goals to compensation awards will drive positive climate outcomes.”