India, May 2 -- Elliott Investment Management L.P., a top-five shareholder in Phillips 66 (PSX), has issued a strongly worded letter to fellow investors, criticizing the company's governance, leadership, and resistance to shareholder engagement.
The firm highlighted what it views as over 18 months of poor corporate conduct, culminating in a public campaign to nominate four independent directors and advocate for governance reforms.
In the letter, Elliott stated that its efforts to collaborate with Phillips 66 since late 2023 were consistently dismissed. The firm claims that the company misrepresented Elliott's intentions, published misleading public communications, and failed to engage sincerely on proposals to enhance board independence a...