Overview

• Institutional Shareholder Services (ISS) has recommended electing all four of Elliott Investment Management’s nominees to the Phillips 66 board.
• Glass Lewis, another influential proxy advisor, has supported three of Elliott’s nominees, further strengthening the activist hedge fund’s position.
• Elliott, now a top-five shareholder with a $2.5 billion stake, is advocating for a spin-off or sale of Phillips 66’s midstream business, valued at over $40 billion.
• ISS criticized the current board’s lack of independent oversight and failure to incorporate key industry perspectives in its governance.
• The proxy fight is one of the most contentious of the year, with the final shareholder vote scheduled for May 21, 2025.