<SEC-DOCUMENT>0001214659-23-006624.txt : 20230508
<SEC-HEADER>0001214659-23-006624.hdr.sgml : 20230508
<ACCEPTANCE-DATETIME>20230508143209
ACCESSION NUMBER:		0001214659-23-006624
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230508
DATE AS OF CHANGE:		20230508
EFFECTIVENESS DATE:		20230508

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALERO ENERGY CORP/TX
		CENTRAL INDEX KEY:			0001035002
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				741828067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13175
		FILM NUMBER:		23897188

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 696000
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78269-6000
		BUSINESS PHONE:		2103454524

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 696000
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78269-6000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILLER HOWARD INVESTMENTS INC /NY
		CENTRAL INDEX KEY:			0000903947
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				141710657
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		45 PINE GROVE AVENUE, SUITE 301
		CITY:			KINGSTON
		STATE:			NY
		ZIP:			12401
		BUSINESS PHONE:		8456799166

	MAIL ADDRESS:	
		STREET 1:		45 PINE GROVE AVENUE, SUITE 301
		CITY:			KINGSTON
		STATE:			NY
		ZIP:			12401
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>g58232px14a6g.htm
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><IMG SRC="millerhoward_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Miller/Howard Investments&rsquo; Memo in Support of Proposal
No. 5 &ndash; </B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Challenging the Representations in Valero Energy&rsquo;s Recent
Filing</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">As long-term investors in Valero Energy (&ldquo;Valero&rdquo; or &ldquo;the company&rdquo;),
Miller/Howard Investments, Inc. is concerned that the company&rsquo;s lack of strong and comprehensive greenhouse gas targets&mdash;in
contrast to peers like Phillips 66 and Marathon Petroleum Corporation&mdash;raises questions about its strategy and preparation for a
low-carbon future. Further rationale is outlined by the proponent, Mercy Investment Services, in their <A HREF="https://www.sec.gov/Archives/edgar/data/1035002/000121465923005819/b424230px14a6g.htm">exempt
solicitation</A>. Accordingly, we urge support for <B>Proposal No. 5: Stockholder proposal to set different GHG emissions reductions targets
(Scopes 1, 2, and 3). </B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Adding to our concerns are the representations within Valero&rsquo;s latest <A HREF="https://www.sec.gov/Archives/edgar/data/1035002/000103500223000055/valero2023proxyresponse2.htm">SEC
filing,</A> as laid out below:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; width: 50%; border: black 1pt solid; text-align: center; font-size: 10pt; padding-left: 2pt"><B>Valero&rsquo;s position in </B><A HREF="https://www.sec.gov/Archives/edgar/data/1035002/000103500223000055/valero2023proxyresponse2.htm"><B>SEC filing</B></A></TD>
    <TD STYLE="padding-right: 2pt; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt">
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Commentary</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt">&ldquo;ISS already rates Valero&rsquo;s existing climate strategy as &lsquo;exemplary.&rsquo;&rdquo;</TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt">
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>This is not true.</B> ISS, in a section of its analysis entitled &ldquo;Climate
    Risk Disclosure&rdquo;, noted that Valero &ldquo;exemplifie[d] the standard&rdquo; expectations set by TCFD. As is stated in the title,
    footnote, and methodology, the indicator is intended to reflect &ldquo;the quality of corporate <B>disclosure</B>&rdquo; (emphasis added).
    ISS said nothing about the quality of the company&rsquo;s strategy itself.</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Fails to acknowledge</B> that ISS recommends voting FOR Proposal No. 5.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>We encourage peers to consider this in the context of all governance-related votes.</B>
Further considerations have been outlined in Mercy Investment Service&rsquo;s <A HREF="https://www.sec.gov/Archives/edgar/data/1035002/000121465923005819/b424230px14a6g.htm">exempt
solicitation,</A> urging votes AGAINST the re-election of director nominees Robert A. Profusek, Deborah Majoras, and Rayford Wilkins.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>We therefore ask that you vote FOR proposal No. 5</B>.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
