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      "text": "ADDITIONAL INFORMATION: Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation...",
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      "text": "Currently, the Company has a combined Chairman and CEO leadership structure, a classified board, and over-tenured directors. A plethora of these problematic governance practices appear to be a driving force in the Company's underperformance. - Egan-Jones",
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      "text": "The data does not support the board's argument that the integrated strategy results in superior returns over the long-term... - ISS",
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      "text": "Phillips 66's current conglomerate structure appears to be suboptimal for sustained financial growth. - Egan-Jones",
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      "text": "These issues stack on what we consider to be fairly disconcerting corporate governance considerations, including a dubious commitment to good faith engagement, a questionable and counterproductive realignment of key oversight roles and a late-stage candidate pivot which seems to call into question the board's prior candor. These issues should, in our view, be of significant concern to P66 investors. - Glass Lewis",
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      "text": "PSX has established a track record of providing selective and ambiguous disclosure that obfuscates results, makes it difficult to assess decisions, and creates impediments to evaluating performance. - ISS",
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      "text": "In a campaign inextricably predicated on the notion that P66's asset mix is a favorable differentiator, the board's inability to draw what we consider to be a strong, straightforward throughline to shareholder value is a bust. - Glass Lewis",
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      "text": "\"The data does not support the board's argument that the integrated strategy results in superior returns over the long-term...\" — ISS; \"In a campaign inextricably predicated on the notion that P66's asset mix is a favorable differentiator, the board's inability to draw what we consider to be a strong, straightforward throughline to shareholder value is a bust.\" — Glass Lewis; \"Phillips 66's current conglomerate structure appears to be suboptimal for sustained financial growth.\" — Egan-Jones; \"PSX has established a track record of providing selective and ambiguous disclosure that obfuscates results, makes it difficult to assess decisions, and creates impediments to evaluating performance.\" — ISS; \"These issues stack on what we consider to be fairly disconcerting corporate governance considerations, including a dubious commitment to good faith engagement, a questionable and counterproductive realignment of key oversight roles and a late-stage candidate pivot which seems to call into question the board's prior candor. These issues should, in our view, be of significant concern to P66 investors.\" — Glass Lewis; \"Currently, the Company has a combined Chairman and CEO leadership structure, a classified board, and over-tenured directors. A plethora of these problematic governance practices appear to be a driving force in the Company's underperformance.\" — Egan-Jones",
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