{
  "docId": "019dd923-622b-71dc-a6d8-dad031a83edd",
  "docSlug": "843b712a7e02",
  "documentTitle": "Phillips 66 (PSX)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-04-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 66,
  "pageCount": 138,
  "prevPage": 65,
  "nextPage": 67,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 25,
  "notes": "Uses a 'before-after' style logic to contrast performance vs. pay.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_grouped",
    "bar_chart_grouped",
    "bubble_chart",
    "callout_box",
    "footnote",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d8-dad031a83edd/66",
  "deckHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd#slide-66",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Controllable costs have missed the mark for 3 straight years",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9fa2-fdc983714c2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.45,
        "x": 0.51,
        "y": 0.18
      },
      "kind": "chart",
      "text": "Yet the Comp Plan Continues to Pay Out Above Target",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8908e85f-000d-47f9-86bb-7b1b2732cf47",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.45,
        "x": 0.03,
        "y": 0.18
      },
      "kind": "chart",
      "text": "Phillips 66 Underdelivers on Relevant Financial Metrics",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8c85675-90da-4bff-9b6f-a873680b350a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.03,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Competitive CEO Pay for Materially Weaker TSR",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6f0882d-a55d-4600-bab6-577586dddd59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "executive compensation: 150%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9fa3-071b609bd08d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Even as Phillips 66 fails to make substantial progress toward its opex targets and as shares underperform, executives continue to be compensated at- or above-target levels.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d4d7a0d-058f-463f-bbf4-c1197a088f59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.51,
        "y": 0.65
      },
      "kind": "quote",
      "text": "[A]wards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle ... A vote against has been applied",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a13bfe8-ba46-4dcb-bf6f-be3d6238326f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "[A]wards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle ... A vote against has been applied — Legal & General Investment Management, 5/15/24",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9fa3-03f98c15026b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.94,
        "x": 0.03,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "(1) Proxy-defined target and achieved controllable costs (2) Total Summary Compensation Table pay to CEO or equivalent officer, 2020-2024, and TSR over the same period (12/31/19 to 12/31/24)",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09bf89b8-f466-4a34-ae49-803d9e7ab60b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "FAILED GOVERNANCE CULTURE: UNAMBITIOUS COMPENSATION SCHEME",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d0fb2e2-80df-45c5-8813-bb6cb5875150",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "4b83671f-a6ed-4130-93d6-8d10c480bbe6",
      "evidence": "Contrasts financial underperformance with high executive pay and cites investor criticism.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}