WEST PALM BEACH, Fla., May 10, 2025 - Leading independent proxy advisory firm Glass, Lewis & Co., LLC has advised shareholders of Phillips 66 to support significant boardroom changes by voting for three director nominees proposed by Elliott Investment Management L.P. at the upcoming Annual Meeting of Shareholders on May 21. Glass Lewis has endorsed Elliott's nominees - Brian Coffman, Sigmund Cornelius, and Michael Heim - citing the need for independent perspectives in the boardroom. They criticized Phillips 66 for underperformance and poor governance, describing the company's arguments as "disconnected from reality" and lacking a clear pathway to shareholder value. Elliott, a top-five shareholder in Phillips 66, argues that the company's current board has failed to deliver compelling shareholder returns and calls for immediate change.
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