ISS Endorses Elliott Management's Board Nominees for Phillips 66

Published 5 hours agoPSX

ISS Endorses Elliott Management's Board Nominees for Phillips 66

Institutional Shareholder Services (ISS) has recommended that Phillips 66 shareholders support all four board nominees put forward by activist investor Elliott Management, as reported by FT. The recommendation marks a significant development in Elliott's effort to influence the company's governance. The annual shareholder vote on May 21, where four out of fourteen board seats are up for election, will be crucial.

The four nominees backed by ISS include former executives such as Brian Coffman and Sigmund Cornelius from ConocoPhillips, Michael Heim from Targa Resources, and Stacy Nieuwoudt, a former Citadel energy analyst. ISS's endorsement criticizes the existing board of Phillips 66 for lacking independent oversight and necessary industry expertise. Meanwhile, Elliott Management is pushing for significant operational changes, asset sales, and reforms in governance.

FT's report also noted that previously another proxy advisory, Glass Lewis, expressed support for three of Elliott's nominees. Elliott Management has a track record of engaging in proxy battles, often resolving them right before the voting stage. This vote could set a new path for Phillips 66, depending on the results and the seating of Elliott's nominees.

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