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Elliott Investment Management has invested $1 billion in Phillips 66 and is urging the company to revamp its board of directors to boost performance, but the company is pushing back on calls to change.

Elliott recommended the board appoint two new directors, as a solution to what they claim is Phillips 66’s slagging results.

Phillips 66’s management and board issued a statement that said they welcome the perspectives of shareholders and pledged to continue constructive dialogue. The statement says the company agrees with Elliott that a successful execution of priorities will drive stock performance, but pushed back on the call for a board of directors overhaul.

Phillips 66 says they believe the company’s current board and management team are focused on delivering long-term, sustainable value.