Phillips 66 shareholder Elliott issues letter to shareholders on board nominees

Phillips 66 (PSX) shareholder Elliott Investment, which manages funds that together make it a top-five shareholder in Phillips 66, issued a letter to shareholders from its four nominees – Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt – in connection with the company’s 2025 Annual Meeting of Shareholders on May 21. Highlights of the letter include: “…With the annual meeting nearly upon us, we want to convey for a final time the reasons we believe our election would help drive positive change at the company. First, we would bring complementary and relevant skills and experiences to the Phillips 66 Board… All four of us have served on the boards of companies in various stages of development and maturity, facing differing needs and challenges…Second, we believe that closing the performance gap between Phillips 66 and its competitors is readily achievable…By refocusing on operational excellence, improving accountability and enhancing corporate governance, there is a clear path to unlocking the company’s substantial upside and returning it to its rightful place among the industry’s leaders…Finally, if elected, we are fully prepared to hit the ground running and work constructively with the incumbent directors to strengthen Phillips 66…while we are ready to put the back and forth of the proxy contest behind us, all four of us fundamentally believe that change is needed at Phillips 66. That means we will ask the hard questions, seek to improve the company’s credibility with its shareholders and insist on a thorough and clear-eyed evaluation of its current structure and operations…”