{"id":27216,"date":"2025-05-12T22:49:32","date_gmt":"2025-05-12T22:49:32","guid":{"rendered":"https:\/\/financialrush.com\/?p=27216"},"modified":"2025-05-12T22:49:32","modified_gmt":"2025-05-12T22:49:32","slug":"proxy-adviser-iss-backs-elliott-in-fight-against-phillips-66","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=27216","title":{"rendered":"Proxy adviser ISS backs Elliott in fight against Phillips 66"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=f77cb835-b107-47ba-a987-f0e758529590\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Activist investor Elliott Management has won the backing of influential proxy adviser Institutional Shareholder Services for all four board nominees in its campaign against oil refiner Phillips 66, according to a report seen by the Financial Times. <\/p>\n<p>The recommendation from ISS, which advises big money managers such as BlackRock and State Street over how to vote in proxy votes, gives Elliott the upper hand in a shareholder proxy battle expected to climax at Phillips\u2019 annual meeting later this month. <\/p>\n<p>ISS on Monday recommended that Phillips 66\u2019s shareholders vote in favour of Elliott\u2019s four board nominees instead of the refiner\u2019s candidates. Elliott\u2019s nominees include former ConocoPhillips executives Brian Coffman and Sigmund Cornelius as well as former Targa Resources executive Michael Heim and ex-Citadel energy analyst Stacy Nieuwoudt. <\/p>\n<p>\u201cAlthough the board has been reshaped since the pandemic, important industry perspectives have been overlooked, and there is strong evidence that the board is not willing to exercise independent oversight of management,\u201d said the ISS report. <\/p>\n<p>In one of its most contentious fights in recent years, Elliott is pushing Phillip 66 investors to back its demand that the Houston-based refiner sell assets, improve performance at its refining business and overhaul corporate governance.<\/p>\n<p>ISS\u2019s recommendation comes after Glass Lewis, another proxy adviser, backed three of Elliott\u2019s nominees on Saturday. Shareholders will vote at the annual meeting on May 21. Only four of the 14 positions of Phillips 66\u2019s board are up for nomination at the vote.<\/p>\n<p>Previous Elliott proxy fights, including against oil and gas company Hess and air carrier Southwest Airlines, were settled at the eleventh hour before a vote took place.<\/p>\n<p>Elliott declined to comment. Phillips 66 and ISS did not immediately respond to requests for comment. <\/p>\n<p><em>This is a developing story<\/em><\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/f77cb835-b107-47ba-a987-f0e758529590\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this&hellip;\n","protected":false},"author":5,"featured_media":27217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-27216","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/27216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27216"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/27216\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/27217"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}