Phillips 66 adds two directors to avoid proxy battle with Elliott (PSX:NYSE)

Group 1 - Phillips 66 appointed two new members to its board of directors following engagement with activist investor Elliott Investment Management, which helped avoid a potential second proxy fight this year [4] - The agreement indicates a positive shift in the company's governance structure and reflects the influence of shareholder activism on corporate decision-making [4] - The refiner's financial performance is a key context for these changes, suggesting that the company is responding to pressures for improved results [4]