Market reality has finally collided with the most important U.S. energy company. Yesterday, Exxon Mobil shareholders elected at least two of the dissident directors proposed by the activist hedge fund Engine No. 1. Investors have lost patience with the basic business assumption that oil and gas will rule forever. But investor confidence in corporate boards is eroding on other contentious public policies issues as well. Boards should take note…Eight of the majority votes this year call for more disclosure and action on climate change, nine are about workplace and board diversity, and another six seek more oversight and disclosure on election expenditures and lobbying.

Exxon’s Board of Directors Vote Is a Sign of Eroding Investor Confidence | Barron’s