Activist Elliott Names Nominees for Phillips 66 Board Amid Proxy Fight

Activist investor Elliott Investment Management disclosed the names of its four nominees to join Phillips 66’s PSX -7.81%decrease; red down pointing triangle board of directors in the midst of a proxy fight with the oil refiner.

Elliott, with a stake of $2.5 billion in Phillips, on Thursday said that the refiner’s board is in urgent need for changes, and encouraged shareholders to also support a proposal calling for all directors to commit to a one-year term and stand for election at each annual meeting.