The inside story of how a tiny hedge fund reshaped Exxon’s board

A tiny new hedge fund called Engine No. 1 owns only .02% of ExxonMobil’s stock. But at Exxon’s recent shareholder meeting, the new fund pulled off a c ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
 
 
A tiny new hedge fund called Engine No. 1 owns only .02% of ExxonMobil’s stock. But at Exxon’s recent shareholder meeting, the new fund pulled off a coup, convincing other shareholders to vote for three new directors on Exxon’s board. The goal: to push the oil giant to address climate change and figure out how to transition in a decarbonizing world. I talked to Engine No. 1's founders about how they were able to succeed.

Adele Peters
 
impact
The inside story of how tiny hedge fund Engine No. 1 reshaped Exxon’s board

Though it owns just 0.02% of the company, the fund convinced big investors to vote for three new board members with backgrounds in clean energy. But will they be able to actually change how Exxon operates?

 
health
Apple wants to own the interface between you and your doctor

The company has announced an array of features that will pit it against medical records giant Epic.

 
hit the ground running
Just graduated? Here are 5 things you must know about salary negotiation

Entry-level employees have little to lose by asking for more, and plenty to gain.

 
 
 
Entrepreneurship can be taught; it can be learned. You can take control of your life and make the job you really want.”
Bill Aulet, MIT Sloan School of Management Professor
READ MORE
 
 
co.design
Heels are making a post-pandemic comeback. Here are 5 fabulous pairs

Looking for inspiration? We have you covered.

 
climate change
Why the Great Lakes need to be the center of our climate strategy

If you’re looking for a strategy to get the most value from climate investments, the answer is simple: Cities like Detroit, Cleveland, and Buffalo will still be livable as the climate changes, and have the space to absorb climate migrants.

 
work life
How to have deeper (and better) conversations with your coworkers

It’s easy to stick to the same old topics like the weather or your weekend plans. But making an effort to get to know your coworkers can really pay off.

 
co.design
These abandoned Soviet buildings got a hauntingly gorgeous makeover

But there’s a catch: It’s not real.

It can be hard to imagine a bygone era, especially when the buildings of that era are abandoned shells of their former selves.

 
from the archives
What happened when I tried the U.S. Army’s tactic to fall asleep in two minutes

The technique has been used to help people fall asleep in the most uncomfortable circumstances, and best of all, it’s said to work for 96% of the people who tried it for six weeks.

 
recommender
7 unusual, delightful perfumes to wear in the reopened world

From warm vanillas to elegant florals to fresh ocean scents that smell just like the beach, these are our favorite perfumes for summer 2021.

 
 
recommender
Why Turkish towels are replacing terry cloth as the towel of choice

They’re versatile, soft, and more absorbent than your regular beach towel. These are our favorite brands.

 
NEWS
Pack your bags. Airbnb wants 12 people to live in its global listings for a year—free​​​​​​
Airbnb has introduced a new program that will give 12 winners the chance to live in Airbnb listings around the world for a year, while the company foots the lodging bill. It’s also offering a stipend for transportation.
“Live Anywhere on Airbnb” will run from July 2021 until July 2022. Winners will first receive coaching from Airbnb staff and a few hand-picked perennial travelers, and will then kick off their journeys in September 2021.
Applications may be submitted until June 30.
Participants will be asked to “share their experiences with us to help inform future product upgrades and innovations to better accommodate nomadic living,” Airbnb wrote in a blog post.
 
 
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105 Ways To Stay Calm, Carry On and De-Stress Your Day
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