Glass Lewis recommends support Elliott for board change at Phillips 66

Elliott Investment Management, which manages funds that together make it a top-five shareholder in Phillips 66 (PSX), announced that leading independent proxy advisory firm Glass, Lewis & Co. has recommended shareholders support meaningful boardroom change by voting for the election of three Elliott director nominees – Brian Coffman, Sigmund Cornelius and Michael Heim – to the Company’s Board of Directors at the 2025 Annual Meeting of Shareholder. In its report, Glass Lewis confirmed Elliott’s case for change at Phillips 66, stating: “In our view, the more compelling case is offered by Elliott, in this case by a relatively decisive margin…Currently, the Company has a combined Chairman and CEO leadership structure, a classified board, and over-tenured directors. A plethora of these problematic governance practices appear to be a driving force in the Company’s underperformance. We believe that addressing these structural issues would enhance accountability and exercise of the directors’ fiduciary duties.”