Activist Elliott sues Phillips 66 over board seat elections in 2025

From Nasdaq MarketSite: 2025-03-25 23:29:00

Elliott Investment Management L.P. files lawsuit against Phillips 66 seeking four board seats to be up for election at 2025 Annual Meeting of Shareholders. Phillips announced reduction of Board size from 14 to 12 directors and only two seats up for election in 2025 class, prompting Elliott to argue violation of governing documents.

Despite private request for clarification, Phillips has not disclosed number of board seats up for election or nominees, leading Elliott to file complaint to protect shareholder rights. Elliott seeks transparency from Phillips regarding board seats and nominees.



Read more at Nasdaq MarketSite: Activist Elliott Files Lawsuit Against Phillips 66 Over 2025 Board Seat Elections