Regarding the board renumeration, I honestly hadn't thought of...

Regarding the board renumeration, I honestly hadn't thought of it like that.

One thing that might support or disprove that thesis is the AGM outcomes - I'd be interested in seeing which way the Phillips66 votes went - I am sure that they would only be supporting the renumeration proposals if they saw that it was absolutely justified. They have a fair bit invested and will be conducting continuous due diligence (hence a having a position on the board - which gives them greater insights into what is going on). If they supported the move, then I'd suggest that they were happy with the progress the BOD have made. If they voted against the renumeration proposals, then I would be surprised to see them retain their holding (circa 15/16%) following the favorable (just) outcomes for the BOD.

Though my feeling is that most of the retail holders voted against the renumeration (I did - if they want my vote then they need to SHOW something substantial beyond their job description or tied to significant tangible outcomes for the company and shareholders - as such, my position is not a reflection of my view of their capabilities or professionalism). I would also suggest that others that voted NO were institutional holders who do not have as privileged insight into the status of projects, relationships, and discussions with the US Gov't.

I'll be honest, as I said hadn't really considered this aspect and haven't looked at who voted how - does anyone have access to that information?