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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "Yet mere months later once subject to the pressures and influence of a broken governance culture...",
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      "text": "PSX EBITDA / bbl spread to VLO (excl. TAR)",
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      "text": "On March 8, 2024, the Board of Directors (the “Board”) of Phillips 66 (NYSE: PSX) appointed Mark E. Lashier, the Company’s President and Chief Executive Officer and a member of the Board, to the additional position of Chairman of the Board...",
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      "text": "Although it is common operating practice in the US to have the CEO also be the Board Chair, and for a past CEO to hang around on the Board, I feel they are both detrimental to a company in need of change.",
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      "text": "\"You simply don't achieve results like this without a high functioning, deeply engaged board.\" — Bob Pease, Independent Director, March 28, 2025; \"Although it is common operating practice in the US to have the CEO also be the Board Chair, and for a past CEO to hang around on the Board, I feel they are both detrimental to a company in need of change.\" — Bob Pease, Written Assessment of Phillips 66, November 13, 2023",
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      "text": "Source: Bloomberg. (1) Indexed equity price performance since 2/13/25. Refining Peers represent the average of VLO and MPC. Midstream Peers represent the average of MPLX, TRGP, EPD and OKE.",
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      "kind": "title",
      "text": "CLAIM: PHILLIPS 66 BOARD HAS A STRONG GOVERNANCE CULTURE REALITY: BOB PEASE AND OTHER DIRECTORS DO NOT POSSESS THE REQUIRED COURAGE TO MAKE CHANGE",
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