Elliott Investment Management, which manages funds that together have an investment of more than $2.5B in Phillips 66 (PSX), sent a letter to the company’s shareholders highlighting why change is urgently needed on the Phillips Board of Directors. In the letter, Elliott made the case that Phillips investors’ patience has been punished, and a new lineup on the Board is necessary to reverse the company’s long-term underperformance and improve its poor corporate governance practices. Elliott also filed definitive proxy materials in connection with Phillips’ Annual Meeting of Stockholders, which is currently scheduled for May 21.
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