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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-03 00:00:00",
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  "notes": "The slide uses a narrative structure to build a case for shareholder action by highlighting management's failure to follow through on board appointments and governance standards.",
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      "text": "VOTE ONLY THE GOLD CARD TODAY",
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      "text": "Allowing Mr. Lashier to consolidate control over the Company's governance has hindered our ability to work constructively with Phillips 66 to improve the Company's performance.",
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      "text": "Eighteen months ago, we were willing to give the Company and its leaders a fair chance to restore Phillips 66 to best-in-class performance. We patiently supported them in their effort to do so. Unfortunately for investors, patience has been punished.",
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      "text": "Yet, just one month after Mr. Pease joined the Board, he apparently voted to appoint CEO Mark Lashier to the position of Chairman as well - contrary to governance best practices and to the view he shared with us.",
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      "text": "In response, the Company stalled any in-person engagement with us for three weeks and refused to make any independent directors available for a meeting... Phillips 66 has insisted that we speak only with Mr. Lashier...",
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      "kind": "paragraph",
      "text": "After initially agreeing to work with us to add two new directors to its Board, Phillips 66 reneged on that commitment. Instead, Phillips 66 added only one new director - Robert \"Bob\" Pease - after passing over a number of other highly qualified candidates.",
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      "kind": "paragraph",
      "text": "In the fall of 2023, we published a letter expressing our desire to work constructively with Phillips 66's current management team... Our ask - a reasonable one - was that Phillips 66 add two new individuals with refining experience to its Board.",
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      "kind": "quote",
      "text": "management - which, by its own admission, had taken its \"eye off the ball\" with respect to the Company's core refining business. — Mark Lashier (CEO), January 2023, GS Energy Conference.",
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      "text": "AT PHILLIPS 66, PATIENCE HAS BEEN PUNISHED",
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