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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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      "text": "If the desire to declassify is genuine, one would think the board would accept the remedy that Elliott has proposed.",
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      "text": "Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation...",
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      "text": "SUBSCRIBE TO RECEIVE UPDATES",
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      "text": "Proposals to address this governance defect have been presented at past Phillips 66 Annual Meetings and have consistently received near-unanimous support among those shareholders who have voted.",
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      "text": "Instead, the Company is asking shareholders to try the same approach to de-staggering that has repeatedly failed before - fully aware that its supermajority voting requirement makes failing again a near certainty.",
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      "text": "Incredibly, Phillips 66's leaders have come out against this proposal, arguing that a board policy promoting the annual election of directors could be found by a court to conflict with the Company's governing documents.",
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      "text": "To overcome this obstacle, we have proposed a straightforward way for the Board to promote the annual election of all directors: a non-binding proposal asking the Board to adopt a policy calling for each director to voluntarily commit to a one-year term.",
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      "text": "This pattern suggests that Phillips 66's board is using these repeated proposals as a shield against activism while failing to deliver tangible governance reform that shareholders clearly seem to support.",
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      "text": "\"This pattern suggests that Phillips 66's board is using these repeated proposals as a shield against activism while failing to deliver tangible governance reform that shareholders clearly seem to support,\" Prof. DesJardine wrote: \"If the desire to declassify is genuine, one would think the board would accept the remedy that Elliott has proposed.\" — Mark DesJardine, associate professor at Dartmouth's Tuck School of Business",
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