Phillips 66 in its election of directors following a proxy contest with Elliott Management

On May 21, 2025, Phillips 66 (NYSE: PSX) held its 2025 Annual Meeting where shareholders elected Nigel Hearne, Robert W. Pease, Sigmund L. Cornelius and Michael A. Heim following a proxy contest with activist shareholder Elliott Investment Management, the first ever Elliott has taken to a vote in the United States and in which it obtained only 2 of the 4 seats it sought.  Shareholders also overwhelmingly voted against Elliott’s proposal requiring annual director resignations, in line with the Board’s recommendation.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Phillips 66.