"BlackRock, Vanguard and State Street" literally the controlling owners of every large corporation in every major sector. They own Exxon and installed their puppets. These weren't activists, these are cronies.
Yeah they tried to buy $40 million worth of shares and managed to get 3 people on the board. Furthermore their lack of leadership or plans going forward, and the lack of influence they have on the way the board votes means they're barely a paper tiger. Thankfully the board and the chairman are still in charge.
Those 3 companies combined, own 22.1% of XOM, sure they can have some influence but they don't have a controlling stake.
The next sentence said that the rest of the independent stock would not all be voted, but their blocks would. Hence, you got a slate of 3 board members elected against the wishes of the current board.
But those 3 board members have no vote because they won't vote along the same lines as management which has more seats at the table. At best these 3 dick holes are there to break a split decision. When 80% of the board votes along the same line they are effectively powerless. Now, not only are they powerless, but have demonstrated that they are unfit to lead.
Activists = bottom tier shills.
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