Phillips 66 (PSX) is expected to nominate two new directors to its board amid an intensifying proxy fight with activist Elliott Investment Management, The Wall Street Journal’s Lauren Thomas reports. Phillips 66 is set to disclose four nominees, including the two new ones, in its proxy materials Wednesday morning, according to people familiar with the matter. Elliott filed a lawsuit against Phillips 66 and its board on Tuesday to require four board seats be up for election, arguing the company had not given enough information about how many seats would be up for a vote and was violating its rights as a shareholder.
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