By Svea Herbst-Bayliss

NEW YORK, May 20 (Reuters) - Norway's sovereign wealth fund said it plans to vote for three of Elliott Investment Management's four director Cheap Proxies candidates in a bitter board fight at oil refiner Phillips 66. Norges Bank Investment Management, one of Phillips 66's 10 largest shareholders with a roughly 1% stake in the company, detailed its intentions in a table on its website, saying it will back former ConocoPhillips executives Brian Coffman and Sigmund Cornelius and former Targa Resources executive Michael Heim.

Phillips 66 investors will decide which side prevails during the company's annual shareholder meeting on Wednesday.

Elliott has been pushing the company to sell assets, improve performance at its refining business and boost its corporate governance and wants shareholders to elect four new directors to help overhaul the corporate strategy.

Phillips 66 is telling investors its strategy is working and that none of the activist hedge fund's director candidates are needed.

The three prominent U.S. proxy advisory firms - Institutional Shareholder Services, Glass Lewis and Egan-Jones - whose voting recommendations often influence shareholders on hot-button issues like board elections, threw their weight behind Elliott. Each urged investors to elect at least three if not all four of the hedge fund's candidates. (Reporting by Svea Herbst-Bayliss; Editing by Mark Porter and Paul Simao)