This excerpt taken from the NS 10-K filed Mar 15, 2005.
INFORMATION REGARDING THE BOARD OF DIRECTORS
The business of Valero L.P. is managed under the direction of the board of directors of Valero GP, LLC. The board conducts its business through meetings of the board and its committees. During 2004, the board held eight meetings. No member of the board attended less than 75% of the meetings of the board and committees of which he was a member.
The board of directors is composed of eight directors, four of whom are members of the management of either Valero GP, LLC or Valero Energy and four of whom are non-management directors. As a limited partnership, Valero L.P. is not required by the listing standards of the NYSE to have a majority of independent directors. The board has determined that all four of its non-management directors, H. Frederick Christie, Dan J. Hill, Rodman D. Patton and Robert A. Profusek, meet the independence requirements of the NYSE as set forth in the NYSE Listed Company Manual.