Plains All American Pipeline (PAA) Proxy filing summary

Executive summary

• Board recommends voting FOR Proposal 3, the advisory vote to approve 2025 named executive officer compensation, at the 2026 annual meetings.

• ISS recommended voting against Proposal 3, while Glass Lewis recommended voting for it.

• Board provides detailed responses to ISS concerns, emphasizing alignment of executive incentives with long-term performance and retention.

Voting matters and shareholder proposals

• Proposal 3 seeks shareholder approval of 2025 named executive officer compensation on an advisory basis.

• Board urges shareholders and unitholders to vote FOR Proposal 3, countering ISS's negative recommendation.

Board of directors and corporate governance

• Board and Compensation Committee approved extension of CEO's 2018 Promotional Grant to retain leadership and support succession planning.

• No changes were made to the number of units or performance requirements of the extended grant.