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  "documentTitle": "Phillips 66 (PSX)",
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      "kind": "callout",
      "text": "Phillips 66’s lack of good faith in adopting this “just raising questions” format is on full display from question one, as it opens with a question that Elliott has already answered.",
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      "text": "From Phillips 66's April 24 Letter: [Text of letter]",
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      "text": "Phillips 66's lack of good faith in adopting this “just raising questions” format is on full display from question one, as it opens with a question that Elliott has already answered. In our April 3 letter to shareholders, we wrote: We supported Mr. Pease's appointment to the Board, in part because we were encouraged by his outlook on corporate governance. For example, during the interview process with us, Mr. Pease shared the very clear and widely held view that having a CEO also serve as Board Chair was detrimental to a company in need of change.",
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      "text": "Please see below for a reproduction in full of Phillips 66's April 24 letter (appearing in the boxed sections) and Elliott's responses to each of its claims:",
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      "kind": "quote",
      "text": "It is our strongly held view that two core tenets of best-in-class corporate governance are transparency and independence. — Phillips 66",
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      "text": "Debunking Phillips 66's “Letter to Investors and Their Stewardship Teams”",
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