Take Exxon Mobil as a key example. A major shake-up in 2021 saw three directors on the energy giant's board ousted by a hedge fund called Engine No. 1, which was seen as a stunning victory for 'shareholder activism'. How did such a result come to pass? Take a statement from investment behemoth BlackRock at the time as proof. "We believe more needs to be done in Exxon's long-term strategy and short-term actions in relation to the energy transition in order to mitigate the impact of climate risk on long-term shareholder value," BlackRock wrote (pdf).