Institutional Shareholder Services (ISS), a prominent proxy advisory firm, recommended that Phillips 66 shareholders elect all four of Elliott Investment Management's director nominees to the company's board. This recommendation provides significant external validation for the activist investor's campaign.
ISS cited Phillips 66's 'disappointing' operating performance and the board's perceived failure to ensure independent oversight as reasons for its recommendation. This follows a similar endorsement from Glass Lewis, which urged investors to elect three of Elliott's four nominees.
Elliott, holding a roughly $2.5 billion stake in Phillips 66, has been advocating for substantial changes, including the potential spin-off or sale of its midstream business. The backing from influential proxy advisory firms is crucial in swaying institutional investor votes ahead of the May 21 annual meeting.
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