Phillips 66 and activist investor Elliott Investment Management each won two seats on the oil refiner's board at an annual shareholders meeting on Wednesday, capping one of the biggest corporate boardroom battles of the year.

Phillips 66 and Elliott Investment Management split a heated boardroom battle that culminated Wednesday, with the activist winning two of the four seats it wanted on the oil refiner’s board. The outcome shows shareholders wanted some change but rejected Elliott’s call for a more sweeping board makeover.