Summary
Phillips 66 (PSX) filed an 8-K on May 13, 2022, detailing the results of its Annual Meeting of Shareholders held on May 11, 2022. The meeting saw significant shareholder participation, with over 481 million shares outstanding. Key outcomes included the re-election of all four director nominees for three-year terms, with substantial support across all nominees. Furthermore, shareholders provided advisory approval for the compensation of named executive officers and ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2022. The company's proposed 2022 Omnibus Stock and Performance Incentive Plan also received shareholder approval. However, two shareholder proposals, one concerning greenhouse gas emissions targets and another requesting a report on shifting to recycled polymers for single-use plastics, did not receive majority support.
Key Highlights
- 1All four director nominees were elected to serve a three-year term, indicating strong confidence in the current board leadership.
- 2Shareholders approved, on an advisory basis, the compensation of Phillips 66's named executive officers.
- 3The appointment of Ernst & Young LLP as the independent auditor for fiscal year 2022 was ratified by shareholders.
- 4The proposed 2022 Omnibus Stock and Performance Incentive Plan for Phillips 66 was approved by shareholders.
- 5A shareholder proposal requesting specific greenhouse gas emissions targets was not approved.
- 6A shareholder proposal related to reporting on recycled polymers for single-use plastics also failed to gain majority shareholder support.