Phillips 66 (NYSE: PSX) announced that Elliott Associates, L.P. has submitted a notice to nominate director candidates for election to the company's board at the 2025 Annual Meeting of Shareholders. Elliott also intends to propose a non-binding business resolution requesting that the board adopt an annual election policy for directors, requiring incumbent board members to submit resignations annually.

Phillips 66's Nominating and Governance Committee will review the proposal, and the board will present its recommendations in the company’s definitive proxy statement, which will be filed with the SEC ahead of the 2025 Annual Meeting.

The company plans to file a proxy statement and accompanying WHITE proxy card with the SEC, encouraging shareholders to review the materials when they become available.