secwatch.observer — SEC 8-K summary
======================================

Issuer:     Phillips 66 (PSX)
CIK:        0001534701
Form:       8-K
Filed at:   2025-05-28T23:59:59+00:00
Accession:  0001193125-25-129526
Event type: other_material
Sentiment:  negative
Materiality: 0.15
Item codes: 5.07
LLM model:  deepseek-v4-flash:cloud@v2

Hearne, Pease, Cornelius, Heim elected to Phillips 66 board; declassification proposal rejected
--------------------------------------------------------------------------------

- Four Class I directors elected: Hearne (mgmt), Pease (mgmt), Cornelius (Elliott), Heim (Elliott).
- Management nominees Lowe and Ungerleider failed; Elliott nominees Coffman and Nieuwoudt also failed.
- Board declassification amendment rejected: 295M For, 7M Against (needed supermajority).
- Say-on-pay approved with ~85% support; one-year frequency for future advisory votes approved.
- Non-binding shareholder proposal for annual director resignations rejected: 99.5M For vs 202.7M Against.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1534701/000119312525129526/0001193125-25-129526-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1534701/000119312525129526/d71836d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-129526

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer