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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-05-01 00:00:00",
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      "text": "The fact that each independent director signed off on a letter full of purposefully misleading statements and accusations has made us more certain than ever that significant change is needed on Phillips 66's Board.",
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      "text": "See also: Elliott's March 25 press release and slides 63 and 93 of our April 28 investor presentation.",
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      "text": "The truth is that Phillips 66 willfully ignored our multiple requests to confirm the number of directors that it would put up for election in this year's class. As a result, we were left in the dark for weeks as to whether the Company was maneuvering to reduce the number of directors up for election this year to prevent us from running four candidates.",
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      "text": "The fact that each independent director signed off on a letter full of purposefully misleading statements and accusations has made us more certain than ever that significant change is needed on Phillips 66's Board.",
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      "text": "As a matter of fact and law, had we not filed the lawsuit when we did, we would have seriously damaged our chances of obtaining relief in the event the Company decided to run only two directors. It was the Company's decision to ignore our multiple requests for confirmation that put us in the position of having to bring litigation to protect our legal rights. We were upfront with the Company that we would withdraw the litigation the moment we received that confirmation, but we make no apologies for taking this step to protect both our rights and the rights of all shareholders to a fair election.",
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      "text": "Had Elliott waited just one more day - until March 26, the date Elliott was entitled to learn about our slate under the universal proxy rules - they would have seen that. Instead, they sought selective disclosure from us about our slate and then filed a lawsuit to compel what we were always planning to do - have four seats up for election this year.",
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      "kind": "paragraph",
      "text": "Why did Elliott knowingly file a distracting lawsuit when it knew we would reveal our slate the next day in accordance with the universal proxy rules? Why did Elliott think it was entitled to selective disclosure?",
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      "text": "From Phillips 66's April 24 Letter: In the spirit of transparency and strong corporate governance, we encourage you to gather all of the facts, assess these questions holistically and independently and reach your own conclusions. Sincerely, Independent Directors of the Phillips 66 Board of Directors",
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      "text": "In the spirit of transparency and strong corporate governance, we encourage you to gather all of the facts, assess these questions holistically and independently and reach your own conclusions. Sincerely, Independent Directors of the Phillips 66 Board of Directors — Phillips 66's April 24 Letter",
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