In a significant development ahead of the Phillips 66 Annual Meeting of Shareholders on May 21, 2025, leading independent proxy advisory firms, including Institutional Shareholder Services Inc. (ISS), Glass, Lewis & Co., LLC, and Egan-Jones Ratings Company, have recommended that shareholders vote for all four director nominees proposed by Elliott Investment Management L.P. Elliott, a top-five shareholder in Phillips 66, has advocated for change, citing the company's disappointing operating performance, poor corporate governance, and lack of transparency. ISS validated Elliott's case, emphasizing the need for improved accountability and governance at Phillips 66. The recommended nominees are Brian Coffman, Sigmund Cornelius, Michael Heim, and Stacy Nieuwoudt, who are expected to drive long-term performance improvements if elected to the board.