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Stakeholders familiar with Exxon's thinking said Wednesday's board defeat was years in the making due to ongoing weak returns.

Article content HOUSTON/BOSTON — Last December, when a week-old hedge fund named Engine No. 1 challenged Exxon Mobil to change its ways, laughter echoed through Wall Street circles, from the fund’s name that recalled a famous children’s book to its tiny, then-$40 million stake in what was once the world’s largest publicly traded company. Just six months later, the fund delivered a massive blow that rippled throughout the oil-and-gas industry. Engine No. 1’s campaign forced Exxon to accept new board members who could bring about a reckoning over its business strategy and confront the...

New types of activist investor are attracting support from long-term asset owners, particularly on environmental and social topics

The little engine that could, and the oil giant that couldn't By Svea Herbst-Bayliss and Jennifer Hiller Reuters HOUSTON/BOSTON (Reuters) - Last December, when a week-old hedge fund named Engine No. 1 challenged Exxon Mobil to change its ways, laughter echoed through Wall Street circles, from the fund's name that recalled a famous children's book to its tiny, then-$40 million stake in what was once the world's largest publicly traded company. Just six months later, the fund delivered a massive blow that rippled throughout the oil-and-gas industry. Engine No. 1's campaign forced Exxon to ...

The showdown pitting Exxon Mobil Corp against a tiny activist fund to determine the oil giant's board and future direction was too close to call early Wednesday, according to people familiar with the matter. Exxon's 12 directors are up for election on Wednesday in the first major boardroom contest where climate change is a central issue. Exxon has long fought to keep climate activists at bay, negotiating with big holders to supply details of its emissions and publicly supporting carbon reduction.