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The activist investor Elliott Management has won the support of the institutional services of Institutional Shareholders of Advisor Proxy for the four nominees of the Board in his campaign against the PHILLIPS 66 Petroleum Refiner, according to a report seen by the Financial Times.
The ISS recommendation, which advises the great money administrators such as Blackrock and State Street on how to vote in votes, gives Elliott the advantage in a battle of power of the shareholders who are expected to reach the weather at the annual Philips meeting later.
The ISS recommended on Monday that Phillips 66 shareholders vote in favor of the four nominees of the Elliott Board instead of the refining candidates. The Nomino de Elliott includes former Conocophillips executives Brian Coffman and Sigmund Cornelius, as well as the former executive of Targa Resources, Michael Heim and the former Energy analyst at Citadel Stacy Nieuwoudt.
“Although the Board has been topped since the pandemic, the important perspectives of the industry have been overlooked, and there is a strong evidence that the Board is not willing to exercise an independent supervision of management,” said the ISS report.
In one of his most controversial fights in recent years, Elliott is pressing PHILLIP 66 investors to support his demand for the Houston headquarters to sell active, improve performance in his refining business and review the corporate governance.
ISS’s recommendation occurs after Glass Lewis, another power advisor, backed three of Elliott’s nominees on Saturday. Shareholders will vote at the annual meeting on May 21. Only four of the 14 positions of the Phillips 66 Board are on the vote nomination.
The previous fights of Elliott Proxy, even against the Petroleum and Gas Company HESS and the air carrier Southwest Airlines, settled at the time of the section before a vote token place.
Elliott declined to comment. Phillips 66 and ISS did not immediately respond to comments requests.
This is a development story
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