In the first quarter of this year alone, 41 percent of activist campaigns have focused on boards, which is only slightly lower than the figure for all of 2019. A Dutch climate activist group offered three separate resolutions in May calling on Chevron Corp., ConocoPhillips, and Phillips 66 to reduce their emissions. All received strong support from shareholders: 61 percent, 58 percent, and 80 percent, respectively. Activist investors like Engine No. 1 teaming up with more established shareholders is another sign of change. Mastagni believes the Exxon vote reflects a new dynamic between investors and boards, and a new way that companies will be scrutinized on their climate change efforts. "I do think that the vote represents how investors are going to continually hold corporate boards accountable for underperformance or a lack of strategy to compete as we transition to a low-carbon economy," she said.