A few weeks ago, the corporate world was stunned when a small hedge fund called Engine No. 1 created upheaval in the oil and gas industry by leading a proxy fight to oust some of ExxonMobil's directors over the latter's dismissive approach towards climate change.
It came as no surprise that several key investors supported Engine No. 1's call to revolt. ExxonMobil had already gone from being the largest company globally, as recently as 2013, to being demoted from the Dow Jones Industrial Average last year. It lost three of its board members after shareholders voted in favour of directors who have experience and track record in business transformation and value creation.
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