We believe in strong alignment among Board, management and investors. Our Board follows sound governance policies, and we are committed to their ongoing improvement.

Our corporate governance framework and practices endeavor to reinforce investor confidence through sound, principled and transparent practices.

Over the past several years, we have made multiple enhancements to our governance framework to more closely align with best practices. We believe our overall governance structure and alignment with our investors places us near the top of our master limited partnership peers for the midstream sector regarding governance structure and investor rights. Key characteristics of Plains’ governance framework include:

• Unified Board of Directors with responsibility for managing PAA and PAGP
• Mandatory majority Board independence
• Annual meetings for the public election of all directors (staggered 3-year rolling basis)
• ​Lead independent director position
• No incentive distribution rights
• No “Golden Share”
• Clawback Policy
• Equity ownership guidelines
• Four fully independent Board committees: Audit; Compensation; Governance; and Health, Safety, Environment & Sustainability

Code of Business Conduct:
Our Code of Business Conduct reinforces our corporate governance framework and practices. Our Code sets forth the standards, principles, and core values that all employees and directors are expected to honor when conducting business for Plains.