Elliott Set to Win Two Phillips 66 Seats in Proxy Fight (4)

Phillips 66 shareholders are set to elect two of Elliott Investment Management’s nominees to its board, in the first ever US proxy vote for the activist investor.

Shareholders are poised to elect Sigmund Cornelius and Michael Heim from Elliott’s four nominees, Elliott said in a statement Wednesday, citing a preliminary analysis of the votes. Two of Phillips 66’s nominees, Robert Pease and Nigel Hearne, were also set to be elected, Phillips 66 said in a separate statement.

Investors were poised to reject a proposal to declassify the board, which would mean all board seats come up for ...