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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "Uses a series of five identical text blocks from proxy statements to show the Board's repetitive, non-responsive stance over nearly a decade.",
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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": "Five identical text blocks representing proxy statements from 2015, 2016, 2018, 2021, and 2023, each showing 99% support and 70-73% of shares outstanding.",
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      "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. 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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      "kind": "quote",
      "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.",
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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": "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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