Summary
Phillips 66 (PSX) filed an 8-K on November 11, 2020, to disclose its response to a shareholder proposal that received majority support at its 2020 Annual Meeting. The proposal requested a report on the risks of petrochemical investments in the U.S. Gulf Coast. The company has addressed this by providing links to enhanced sustainability reporting, including a chapter on climate change and a TCFD analysis in its own 2020 sustainability report, "Greater Good." Additionally, their joint venture, Chevron Phillips Chemical Company (CPChem), which operates the relevant petrochemical assets, has published a separate report titled "Managing Climate Change Risks" to supplement its own sustainability disclosures. Phillips 66 emphasizes its commitment to investor responsiveness and ongoing engagement on ESG matters.
Key Highlights
- 1Phillips 66 is responding to a shareholder proposal that garnered majority support concerning petrochemical investment risks.
- 2The company has enhanced its 2020 sustainability report, "Greater Good," to include a climate change chapter and TCFD analysis.
- 3Chevron Phillips Chemical Company (CPChem), a 50% joint venture, has published a supplemental report titled "Managing Climate Change Risks."
- 4These reports are aimed at providing investors with more accessible information on climate change and petrochemical investment risks.
- 5Phillips 66 highlights its ongoing engagement with shareholders on ESG issues.
- 6Links to CPChem's and DCP Midstream's disclosures are provided within Phillips 66's sustainability report for investor convenience.