Good governance and ethics are an integral part of every level of our organization. Rigorous and consistent corporate governance practices contribute positively to our corporate culture and shareholder value. Board and Managerial Oversight and Governance Our board of directors and our Executive Leadership Team are committed to ethical business practices. The board regularly reviews evolving corporate governance best practices, regulatory requirements and feedback from shareholders, making changes it believes are in the best interest of Phillips 66 and its shareholders. Directors also collaborate with senior leaders and stay connected to our corporate culture through regular visits to our facilities, where they study the company's day-to-day operations and talk to employees. Each of our board committees has specific responsibilities. The Public Policy and Sustainability Committee manages the company’s sustainability program and associated initiatives and: • Reviews compliance with HSE policies and impacts of environmental and social trends and uncertainties • Reviews exposure to and management of environmental, social and political trends and risks, including climate risk • Reviews and makes recommendations on the company's policies, programs and practices regarding HSE protection, government relations and political contributions, philanthropy, and sustainability matters • Reviews the company's global reputation as a good corporate citizen in the communities where it operates The Audit and Finance Committee monitors our enterprisewide risk management program and our controls, compliance and ethics. It oversees the integrity of our financial reporting and financial statements. The Nomination and Governance Committee oversees board composition and succession planning. It is committed to enhancing diversity and seeking candidates with diverse backgrounds and perspectives who possess the collaborative spirit, character, skills, experiences and expertise required to oversee the execution of the company’s strategy, risk management and operational objectives. The Human Resources and Compensation Committee determines compensation for the Executive Leadership Team. It oversees our human capital management strategy, including workplace culture, diversity and inclusion, and other talent management programs and initiatives. The Executive Committee can exercise the powers of authority of the board to direct the business affairs of the company between meetings of the full board. The company and board governing documents lay out the specific roles and responsibilities of the board and its committees. The full charters for each committee can be found on the Phillips 66 Investors site. 40 PHILLIPS 66 2022 SUSTAINABILITY REPORT 40 PHILLIPS 66 2022 SUSTAINABILITY REPORT Houston Headquarters HOUSTON, TX OUR BUSINESSES: TODAY AND TOMORROW ENVIRONMENT AND SAFETY GOVERNANCE STAKEHOLDER ENGAGEMENT