Sector: Energy
TARGA RESOURCES CORP · Meeting: May 21, 2026
Directors FOR
4
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Election of Class I Directors
Chung has served since 2021 (roughly 5 years tenure), TRGP's 3-year TSR of +300.7% is +192.1pp above the peer median of +108.6%, far exceeding the 50pp underperformance threshold required to trigger a negative vote, so no TSR concern applies; no overboarding, attendance, or independence flags identified.
Crisp has served since 2005 (approximately 15 years board tenure); TRGP's exceptional peer-relative TSR performance (+192.1pp above peer median) means the underperformance trigger does not apply; he holds seats on EOG Resources (one outside public board), well within limits; no other flags.
Fulton has served since 2013; TRGP's 3-year TSR vastly outperforms the peer median, so no underperformance concern; she serves as Lead Independent Director and chairs the Nominating and Governance Committee with strong finance and energy credentials; no overboarding or attendance flags.
Teague joined in February 2024, giving him approximately 2 years of tenure which places him at the boundary of the 24-month new-director exemption; TRGP's TSR massively outperforms peers in any event, and he brings relevant energy infrastructure and operations expertise with no overboarding or attendance concerns.
All four Class I director nominees receive a FOR vote. TRGP's 3-year total shareholder return of +300.7% exceeds the peer median by +192.1 percentage points, far above the 50pp threshold that would trigger an underperformance concern for any director. No overboarding, attendance, independence, or qualification flags were identified for any nominee.
CEO
Matthew J. Meloy
Total Comp
$21,470,708
Prior Support
94%%
CEO total compensation of $21.5 million is elevated in absolute terms but is anchored by a pay structure where 91% is variable and at-risk — well above the 50-60% policy threshold — with 50% of long-term equity in performance stock awards tied to relative total shareholder return versus midstream peers, and 50% in time-vested restricted stock units. TRGP's 3-year TSR of +300.7% ranked 1st out of 32 companies in the Alerian US Midstream Index, earning a 250% payout on the 2023 performance awards, directly demonstrating that above-benchmark incentive pay was earned through exceptional shareholder returns. Prior Say on Pay support was 94% in 2025, the company has a robust clawback policy, and no governance red flags were identified, supporting a FOR vote.
Auditor
PricewaterhouseCoopers LLP
Tenure
N/A
Audit Fees
N/A
Non-Audit Fees
N/A
PricewaterhouseCoopers LLP is a Big 4 firm and appropriate for a company of TRGP's size (~$54B market cap); no auditor fee table was provided in the filing text supplied, so the non-audit fee ratio trigger cannot be evaluated — per policy, the tenure trigger requires confirmed data to fire and no tenure disclosure was found, so no negative trigger applies; the default vote is FOR.
The 2026 Targa Resources annual meeting presents three standard proposals: director elections, auditor ratification, and an advisory vote on executive pay. All proposals receive a FOR vote — TRGP's outstanding 3-year total shareholder return (+300.7%, ranking 1st in its midstream peer index) validates the performance-heavy pay structure and supports the full director slate, while no auditor independence or qualification concerns were identified.
15 companies disclosed in 2026 proxy filing
