Independent proxy advisory firm Institutional Shareholder Services, or ISS, recommended that Phillips 66 (PSX) shareholders support the four board nominees backed by Elliott Investment Management for "meaningful boardroom change" at Phillips 66.
ISS said in a Monday statement that Elliott is among the top five Phillips 66 shareholders through certain funds that it manages and its nominees are Brian Coffman, Sigmund Cornelius, Michael Heim, and Stacy Nieuwoudt.
The advisory firm cited Phillips 66's "disappointing" performance and "poor" governance as some of the reasons driving the need for a change in the company's board. According to ISS, advisory firms Egan-Jones Ratings and Glass, Lewis also recommended a revamp of Phillips 66's board.
Phillips 66 is set to hold the election of board members at its annual meeting on May 21.
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