Aligned With Our Unitholders’ Interests

78% Independent Directors 11% Women
*As of 2021 Annual Meeting

NuStar’s business is managed under the direction of our Board.  The Board is led by our Chairman, William E. Greehey.  Mr. Greehey and our President and Chief Executive Officer, Brad Barron, are the only two members of our nine-member Board who are not independent directors. Mr. Barron is the only Board member who is a member of the NuStar management team.

100% Attendance for 2020
Board & Committee Meetings

Annual Unitholder Meeting

Each member of our Board attended 100% of the meetings of the Board and his or her committees during 2020.

NuStar holds an Annual Meeting of its unitholders to elect its Board members and request approval of certain other important matters.  All of our Board members attended our 2021 Annual Meeting.

Audit Committee Compensation Committee Nominating, Governance &
Conflicts Commitee

The NuStar Board has standing Audit, Compensation and Nominating/Governance & Conflicts Committees. Our Board has adopted Governance Guidelines and each committee has a written charter, which are available on our website.  Each of the committees is composed entirely of directors who meet the independence requirements of the NYSE listing standards. Each member of the Audit Committee also meets the additional independence standards for Audit Committee members set forth in the regulations of the Securities and Exchange Commission (SEC). 

Cyber Risk Governance
Committee
Disclosure Committee Governance, Ethics &
Compliance Committee
Sustainability Committee

At NuStar, we have established management-level committees with the day-to-day responsibility for managing many important governance matters such as sustainability, ethics and compliance, cybersecurity and disclosure.  These committees include members of management representing a number of functions across NuStar to help ensure proper oversight. Our Board interfaces regularly with management and receives periodic reports on these and other topics.

No Incentive Distribution Rights

In July 2018, as part of our simplification transaction, NuStar eliminated incentive distribution rights, which were previously provided to our general partner.  At the time, NuStar President and CEO Brad Barron said, "Simplifying our corporate structure and eliminating incentive distribution rights will lower our cost of capital and create a more efficient and transparent structure."

NuStar Management - Majority
of Executive Officer's Compensation Tied
to Performance and Unit
Returns

NuStar’s philosophy for compensating executive officers is based on the belief that a significant portion of executive compensation should be incentive-based and determined by both the performance of NuStar Energy and the executive's individual performance. Our executive compensation programs are designed to accomplish the following long-term objectives: 

  • increase value to unitholders, while practicing good corporate governance; 
  • support our business strategy and business plan by clearly communicating what is expected of executives with respect to goals and results; 
  • provide the Compensation Committee with the flexibility to respond to the continually changing environment in which NuStar Energy operates; 
  • align executive incentive compensation with NuStar Energy's short- and long-term performance results; and 
  • provide market-competitive compensation and benefits to enable us to recruit, retain and motivate the executive talent necessary to produce sustainable growth for our unitholders.