It was quite a symbol for Texas oil giant ExxonMobil to experience its first shareholder rebellion due to climate issues. In a show of disapproval, at least two directors were replaced at the end of a surrealist annual shareholders meeting. This astonishing success marks a turning point in shareholder engagement and could permanently change the oil sector. It was a bleak day for ExxonMobil ahead of its May 26 th virtual shareholders meeting: big investors like BlackRock and CalPERS, as well as proxy advisory firms ISS and Glass Lewis, declared their support for the Engine No. 1 campaign. The main target of investor wrath was CEO Darren Woods' climate strategy. Contrary to its international rivals, ExxonMobil intended to increase oil production in the coming years, despite its struggling financial performance. A few emissions reduction efforts and carbon capture projects served as a front for real climate ambition.