At its Annual General Meeting on 26 May, oil giant Exxon lost an epic battle with Engine No. 1, a small activist fund that holds just 0.02% of its shares. Engine No. 1 challenged the “all oil” strategy and succeeded in imposing its views by the election of three of its candidates to the Board of Directors. This new governance should allow Exxon to engage more actively on a decarbonisation pathway.