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  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a series of five identical text blocks to emphasize the repetitive nature of the failed votes.",
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      "kind": "callout",
      "text": "The reality is that the Board CAN – through the voluntary actions of directors – allow shareholders to vote on the election of every director on an annual basis. Elliott has put forward a proposal asking them to do just that. Here is how they responded to our proposal:",
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      "text": "This does not look to us like a Board that is trying to do everything it can to get votes in, and exploring all options to implement annual director elections in line with good governance and the clear will of shareholders.",
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      "text": "2015, 2016, 2018, 2021, 2023 voting data showing 99% support but failing the 80% threshold.",
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      "kind": "paragraph",
      "text": "Phillips 66’s Charter requires 80% of shares outstanding to vote in favor of declassifying the Board of Directors and move to annual elections for all directors. In the five times Phillips 66 has put this proposal to a vote, it has received nearly unanimous support but failed to achieve the onerous 80% of shares requirement.",
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      "text": "This does not look to us like a Board that is trying to do everything it can to get votes in, and exploring all options to implement annual director elections in line with good governance and the clear will of shareholders.",
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      "text": "Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders. – Phillips 66 Definitive Proxy, April 7, 2025, Page 115",
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      "text": "“Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders.” — Phillips 66 Definitive Proxy, April 7, 2025, Page 115",
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      "kind": "title",
      "text": "FAILED GOVERNANCE CULTURE: BOARD STRUCTURE",
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