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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-03-04 00:00:00",
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      "text": "The policy is a practical approach to enhance Board accountability to shareholders, align with governance best practices and respond to the recurring strong support from Phillips stockholders for annual director elections.",
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      "text": "Brian Coffman - former CEO of Motiva Enterprises and former SVP of Refining at Andeavor; Sigmund Cornelius - former SVP and CFO of ConocoPhillips; Michael Heim - one of the founders and former President and COO of Targa Resources; Alan Hirshberg - former EVP, Production, Drilling and Projects at ConocoPhillips; Gillian Hobson - former M&A and Capital Markets Partner at Vinson & Elkins, with significant focus on midstream transactions; Stacy Nieuwoudt - former Energy and Industrials Analyst at Citadel; John Pike - Partner at Elliott Investment Management",
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      "text": "Former CEO of Motiva Enterprises and former SVP of Refining at Andeavor",
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      "text": "Brian Coffman is an independent advisor focused on the energy, chemical and related industries. He previously served as the President, Chief Executive Officer and Executive Director of the board of Motiva Enterprises...",
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      "text": "has not disclosed how many seats will now be up for election or who it will be nominating. Elliott’s candidates were chosen through a comprehensive search process to identify professionals with complementary backgrounds and experience...",
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      "text": "Today Elliott also filed its preliminary proxy statement with the Securities and Exchange Commission. Elliott has submitted a non-binding proposal aimed at introducing annual director elections for the Phillips Board through a corporate governance policy. Over five of the last nine years, the Company has put forward multiple proposals to declassify the Board - all of which received strong stockholder support (including 99% of the shares voted in 2023) but failed to achieve the 80% supermajority threshold of shares outstanding to allow for a Charter amendment.",
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      "text": "Elliott’s proposal requests that the Board adopt a corporate governance policy under which each incumbent director would be required to commit to a one-year term at each annual meeting making all Board seats open annually. The policy is a practical approach to enhance Board accountability to shareholders, align with governance best practices and respond to the recurring strong support from Phillips stockholders for annual director elections in response to an onerous supermajority voting requirement to amend the Company’s Charter.",
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