The world’s largest publicly-traded oil company, Exxon Mobil (NYSE:XOM), lost three board seats to Engine No. 1, an activist hedge fund, in a stunning proxy campaign. Engine No. 1 demanded that Exxon needs to cut fossil fuel production for the company to position itself for long-term success. “What we’re saying is, plan for a world where maybe the world doesn’t need your barrels,” Engine No.1 leader Charlie Penner told the Financial Times. Engine No. 1 enjoyed a stunning victory thanks to support from BlackRock Inc. (NYSE:BLK), Vanguard, and State Street who all voted against Exxon’s leadership.
