Elliott Investment Management scored a victory on Monday in its board fight at Phillips 66 when prominent proxy advisory firm Institutional Shareholder Services (ISS) recommended that investors elect all four of the activist's director nominees.

Elliott Investment Management scored a key endorsement this week in its heated proxy battle at oil refiner Phillips 66, which is nearing a shareholder vote later this month. On Monday, the activist firm received the backing of the prominent proxy adviser Institutional Shareholder Services.

Activist investor Elliott Management has won the backing of influential proxy adviser Institutional Shareholder Services for all four board nominees in its campaign against oil refiner Phillips 66, according to a report seen by the Financial Times.