ISS recommends that Phillips 66 shareholders vote for Elliott board nominees

Elliott Investment, which manages funds that together make it a top-five shareholder in Phillips 66 (PSX) announced that independent proxy advisory firm Institutional Shareholder Services has recommended that shareholders support all four of Elliott’s nominees: Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt. Elliott stated: “By recommending that Phillips 66 shareholders vote for all four Elliott nominees, ISS has now fully validated Elliott’s case for change – making clear that the status quo at the Company has failed to serve shareholders. Notably, ISS cited Phillips 66’s disappointing operating performance, poor corporate governance and ‘track record of providing selective and ambiguous disclosure’ as reasons to support Elliott’s ‘strong slate.’ With all three proxy advisory firms having endorsed Elliott’s case, it is clearer than ever that urgent and meaningful change is needed in the Phillips 66 boardroom. In our view, electing all four of Elliott’s independent, highly qualified nominees represents the surest step toward restoring accountability and driving improved long-term performance at Phillips 66.”