Majority of Phillips 66 Shareholders Support Studying Shift Away From Virgin and Single-Use Plastics

Posted on May 25, 2022 by DrRossH in Plastic Waste News



A first-of-its-kind shareholder resolution challenging a major petrochemical company on plastics production received majority support (50.4%) from Phillips 66 shareholders at the company’s annual meeting last week.

The resolution requests that Phillips 66 publish a report describing how it could shift its plastic production business from virgin to recycled plastic polymers, assess the resilience of its petrochemical assets under virgin-to-recycled transition scenarios of five and 10 years, and study the financial risks associated with such scenarios.

Phillips 66 is the joint owner of Chevron Phillips Chemical Company (CPChem), the 15th largest global producer of virgin plastic resins bound for single-use applications.