Phillips 66 publicly stated its strong disagreement with the recommendations issued by proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis. These firms had largely endorsed activist investor Elliott Management's nominees for the Phillips 66 board.
The company's rejection underscores the escalating tension in the ongoing proxy battle ahead of its annual shareholder meeting. Phillips 66 continues to defend its current integrated strategy and board composition against Elliott's calls for significant restructuring.
This response indicates Phillips 66's determination to maintain its strategic direction and governance structure, despite the influential backing Elliott has received from proxy advisors. The company is actively working to persuade shareholders to support its own slate of directors.
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