An activist investor with a 0.02% stake in Exxon ousted 2 of the oil giant’s board members in a historic win

An activist investor with a 0.02% stake in Exxon ousted 2 of the oil giant’s board members in a historic win

Activist investor Engine No. 1 scored a historic win on Wednesday after it won two board seats on board of directors. A bitter proxy fight between the major oil company and the small activist investor circled around green energy initiatives, executive pay, and the diversification of Exxon's fossil fuel business. The win took many by surprise given that Engine No. 1 is a first time activist investor with just a 0.02% stake in Exxon. Typical activist investor campaigns have been led by well-known Wall Street figures who buy a position upwards 10% in the targeted company. The win by Engine No. 1 highlighted the growing appetite among investors for corporations to tackle climate change and green energy initiatives head-on. Many top institutional investors view addressing the climate as essential for a successful long-term business, including BlackRock founder and CEO Larry Fink. Exxon was staunchly against Engine No. 1's two board nominees, Gregory Goff and Kaisa Hietala. Exxon CEO Darren Woods refused to meet with the nominees and told shareholders that voting for them would "derail our progress and jeopardize your dividend," Just two-days before today's annual shareholder meeting, the company pledged that it would add two new directors to its