John Raymond
About John Raymond
John T. Raymond (age 54) is an independent Class III director at PAA/PAGP’s unified board, serving since 2010 at PAA’s former general partner and since October 2013 at PAGP GP; he currently chairs the Compensation Committee and will become Lead Director on June 1, 2025. He is founder and majority owner of The Energy & Minerals Group (EMG), a natural resources-focused private equity platform; prior roles include senior leadership across Plains Resources/Plains Exploration, Kinder Morgan, Ocean Energy, and investment banking at Howard Weil. He holds a BSM (finance and accounting) from Tulane University and sits on its Business School Council .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Energy & Minerals Group (EMG) | Founder & Majority Owner | Founded 2006; ongoing | Private equity leadership across upstream/midstream; ~$14B AUM as of Sep 30, 2023 |
| Plains Resources / Plains Exploration & Production | Various executive leadership positions | 1998–2006 | Upstream/midstream leadership experience |
| Kinder Morgan, Inc. | Executive leadership positions | Pre-2006 | Midstream operations/strategy |
| Ocean Energy, Inc. | Executive leadership positions | Pre-2006 | Upstream operations/strategy |
| Howard Weil Labouisse Friedrichs, Inc. | Vice President | 1992–1998 | Energy investment banking |
| PAA’s former general partner | Director | 2001–2005; Dec 2010–Nov 2016 | Governance of PAA prior to unified board transition |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NGL Energy Holdings LLC (GP of NGL Energy Partners, L.P.) | Director | Current | Governance oversight at a midstream peer |
| Tulane University Business School Council | Board member | Current | Academic advisory |
| American Heart Association | Director | Current | Non-profit governance |
| MD Anderson Cancer Center | Board of Visitors | Current | Non-profit governance |
| YPO | Member | Current | Professional network |
Board Governance
- Independence: Determined independent under Nasdaq/SEC standards; Board reviewed transactions with EMG and concluded they do not impact independence .
- Leadership changes: Will assume Lead Independent Director effective June 1, 2025; currently Compensation Committee Chair, transitioning chair role to Bobby Shackouls on June 1, 2025 while remaining on the committee; will become Governance Committee Chair effective June 1, 2025 .
- Committee assignments 2024: Compensation (Chair); not on Audit or HSES in 2024 .
- Attendance and engagement: 100% attendance at Board and applicable committee meetings in 2024; Board met 5x, Audit 8x, Compensation 2x, Governance 1x, HSES 4x; non-management executive sessions held each regular meeting .
- Executive sessions and structure: Unified board governs both PAA and PAGP; strong Lead Director role codified; majority-independent board by charter despite LP exemptions .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non-employee directors) | $115,000 | Standard 2024 retainer |
| Committee chair retainer (Comp/Gov; non-Audit) | $20,000 | Increased from $15,000 in Feb 2024 |
| Audit Committee chair retainer | $30,000 | Chair premium |
| Audit Committee member retainer | $15,000 | Member premium |
| Lead Director retainer | $35,000 | Applies to Lead Director role |
| John Raymond – 2024 cash fees received | $133,750 | Compensation Committee Chair in 2024; cash fees per proxy |
Performance Compensation
| Grant Type | 2024 Grant | Vesting | Instrument | Notes |
|---|---|---|---|---|
| Annual director LTIP | $145,000 market value | Vests August 2025 | PAGP phantom Class A shares | Value increased from $125k to $145k in 2024; DERs accrue; prior (pre-2022) awards vest after 4 years |
| John Raymond – 2024 LTIP shares granted | 7,650 phantom Class A shares | August 2025 | PAGP phantom Class A shares | Grant-date fair value $142,749 (ASC 718) |
Director equity grants are time-based; no performance metrics apply to non-employee director awards (DERs accrue and are paid per plan) .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict | Board’s Independence Determination |
|---|---|---|---|
| NGL Energy Partners, L.P. (via NGL Energy Holdings LLC GP) | Raymond is a director at GP | Midstream peer/director interlock | Board deems Raymond independent under Nasdaq/SEC |
| EMG-affiliated entities | Raymond is founder/majority owner | PAA JV/asset transactions with EMG affiliates; product purchases | Board reviewed Jan 2025 transactions; independence maintained |
Expertise & Qualifications
- Finance/Accounting; Private Equity; Industry (upstream/midstream); Business Development/Commercial; Governance/Legal; International; Energy Evolution; Operations exposure via prior roles .
- Education: BSM in finance and accounting, Tulane University; governance roles in multiple organizations .
Equity Ownership
| Holder | Security | Amount | % of Class | Notes |
|---|---|---|---|---|
| John T. Raymond | PAA Common Units | 1,602,616 | <1% | As of Mar 24, 2025 |
| John T. Raymond | PAA Series A Preferred Units | 20,376,259 | 34.9% | As of Mar 24, 2025; votes on as-converted basis |
| Director Ownership Guidelines | Requirement | Status | Compliance Date | “Hold-until-met” |
| Director equity ownership | 5x annual cash retainer | Directors on track or met | Nov 2025 (current directors) | Hold 100% of vested units until guidelines met |
| Hedging/Pledging | Prohibited | — | — | Policies prohibit hedging/pledging by directors/officers |
Insider trades: No Form 4 transactions for “Raymond” at PAA were found between 2024-01-01 and 2025-11-20 (insider-trades skill query; details available on request).
Governance Assessment
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Strengths:
- Elevated governance roles (Lead Director; Governance Committee Chair) enhance independent oversight of agenda-setting, succession planning, and director evaluations .
- 100% meeting attendance and active committee leadership signal high engagement and effectiveness .
- Robust director ownership guidelines, anti-hedging/pledging, and clear clawback policy for executives support alignment and governance quality; “say on pay” support ~98% in 2024 indicates strong investor confidence in compensation oversight .
-
Potential conflicts and red flags:
- EMG affiliations: December 2024–January 2025 transactions included a $161 million JV asset purchase (≈$105 million net to PAA) from EMG-affiliated entities; Board reviewed these and maintained independence determinations, but continued monitoring via conflicts committee processes is warranted .
- Significant Series A preferred ownership (34.9%) by Raymond-related vehicle concentrates voting influence on an as-converted basis; transparency and recusal protocols should remain robust for related-party matters .
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Net view:
- Board has instituted majority independence, a strong Lead Director role, committee independence, and conflicts committee mechanisms; Raymond’s forthcoming Lead Director and Governance Chair roles strengthen investor oversight, but EMG-related exposures merit ongoing scrutiny of transaction review rigor and recusal practices .