"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.
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.
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.
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