Phillips 66 Rejects Proxy Advisor Recommendations

(RTTNews) - Phillips 66 (PSX), Tuesday announced that it has voiced strong disagreement with recommendations from proxy advisors ISS and Glass Lewis, which backed some of activist investor Elliott Management's proposals.

The company emphasized that the reports failed to assess Elliott's core strategy of breaking up Phillips 66—an approach the board views as risky and unjustified.

The company defended its governance record, citing the addition of five new independent directors since 2020, support for board declassification, and continued operational improvements under CEO Mark Lashier, including outperforming key peers in shareholder returns.

Phillips 66 criticized ISS and Glass Lewis for undermining director independence, ignoring Elliott's pursuit of CITGO, and overlooking the qualifications of its board members, many of whom have deep experience in refining, chemicals, and midstream operations.

Shareholders are urged to support Phillips 66's nominees using the WHITE proxy card and reject Elliott's "short-term" agenda ahead of the May 21 annual meeting.

PSX is currently trading at $124.11, up $5.43 or 3.12 percent on the New York Stock Exchange.