They are shields to prevent excess oil splash from hitting the valve stems. The factory umbrella valve stem seals and the o-ring seal just below the keepers could only handle so much oil.
Factory Ram Air engines did not have the oil shields.
Installing positive modern valve stem seals (must cut the top of the valve guides) as part of a proper rebuild eliminates the need for them, plus they usually crack and fall apart with most replacement valve springs that are slightly larger in diameter than original springs.
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1964 Tempest Coupe LS3/4L70E/3.42
1964 Le Mans Convertible 421 HO/TH350/3.08
2002 WS6 Convertible LS1/4L60E/3.23
1966 VW Type 2 Single Cab Pickup 140hp 2276
1956 VW Type 2 Panel Van 36hp 1200
1957 VW Type 1 Beetle 180hp 2276
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