Targa Resources (TRGP) Proxy filing summary

Executive summary

• Annual meeting scheduled for May 21, 2026, with voting on director elections, auditor ratification, and executive compensation approval.

• Company operates as a leading midstream energy infrastructure provider, with significant growth in natural gas and NGLs segments.

• Strong financial performance in 2025, including record adjusted EBITDA, increased dividends, and share repurchases.

• Robust shareholder engagement and positive feedback on governance, sustainability, and compensation practices.

Voting matters and shareholder proposals

• Four Class I directors nominated for election to serve until 2029.

• Ratification of PricewaterhouseCoopers LLP as independent auditors for 2026.

• Advisory vote on executive compensation for fiscal year 2025.

• Shareholder proposals and director nominations for 2027 require advance notice and compliance with proxy access bylaws.

Board of directors and corporate governance

• Board consists of 11 members, with 90% independence and average tenure of 7.9 years.

• Board divided into three classes with staggered three-year terms; ongoing refreshment with recent retirements and new appointments.

• Five standing committees: Audit, Compensation, Nominating and Governance, Risk Management, and Sustainability, all fully independent.

• Lead Independent Director and Chairman roles are separated; strong focus on board diversity and skills.

• Corporate governance guidelines address ethics, conflicts of interest, succession planning, and director qualifications.