Phillips 66 (PSX) on Monday asked shareholders to support its board nominees over those proposed by activist investor Elliott, raising concerns over potential conflicts of interest.
The company's nominees include A. Nigel Hearne, John Lowe, Robert Pease, and Howard Ungerleider.
In a letter, the board warned of alleged ties between some of Elliott's nominees and Amber Energy, an Elliott affiliate reportedly bidding for Citgo Petroleum, a direct competitor to Phillips 66.
"This conflict is concerning because Amber Energy's executives are actively helping support Elliott's case to undermine Phillips 66's strategy," the board wrote and further said that Elliott's nominees have "loyalty questions, redundant skills and histories of destroying shareholder value."
"Elliott is a shareholder with a specific agenda for Phillips 66: break it up," the board alleged.
Elliott did not immediately respond to requests for comment from MT Newswires.
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