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  "documentTitle": "Phillips 66 (PSX)",
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      "kind": "callout",
      "text": "Would a Board truly interested in good governance be so concerned about an advisory vote on a non-binding policy?",
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      "kind": "callout",
      "text": "PHILLIPS CLAIMS: The annual election policy proposal would force directors to resign and therefore could be found by a court to conflict with its charter and Delaware law.",
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      "kind": "callout",
      "text": "REALITY: The Company’s claims are false and misleading",
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      "kind": "callout",
      "text": "There are no legitimate grounds to challenge a non-binding board policy asking directors to resign.",
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      "text": "The Company’s claims rely on distractions and misrepresentations. The fact is that our proposal is non-binding, and compliance with it would be voluntary – requiring only that all Phillips directors have the courage to be accountable to shareholders on an annual basis. Public company board policies asking directors to resign under various circumstances are commonplace, including when a director fails to receive a majority vote in an uncontested election, changes their principal occupation, or has a conflict of interest. The very nature of a policy is that it cannot “compel” directors to comply. There are no legitimate grounds to challenge a non-binding board policy asking directors to resign. Even so, if our proposal is approved, the Board would have flexibility to design a policy promoting the annual election of all directors in a manner that maintains an orderly director nomination and election process in compliance with applicable law.",
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      "text": "Unfortunately, Phillips has come out against Elliott’s annual election policy proposal for entirely unconvincing reasons, making claims about applicable law while conspicuously failing to cite any relevant legal authority.",
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      "text": "ENHANCED OVERSIGHT: ANNUALLY ELECTED BOARD",
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