The world this weekBusinessAt least two directors nominated by Engine No. 1, a small, environmentally minded hedge fund, were elected by shareholders to the board of ExxonMobil.It is the most significant victory yet in the push by activist investors to force big oil companies to do more on climate change.In a ruling with ramifications for the whole oil industry, a Dutch court sided with green campaigners and found that Shell was in part responsible for climate change,ordering it to cut its carbon emissions by 45% by 2030 from 2019 levels.Shell currently aims to lower emissions by 20% in 2030 and 45% in 2035 from 2016 levels. It is to appeal against the verdict.Activist investors have increased their clout during this year’s shareholders’ meetings in a wide range of industries.This week Aston Martin faced down a mini revolt, when 18% of shareholders opposed its pay policy for directors and 17% went against the re-election of Lawrence Stroll as chairman.Mr Stroll is credited with rescuing the struggling sports-car maker with an injection of capital in 2020.Germany’s two biggest property companies, Vonovia and Deutsche Wohnen, agreed to merge, creating Europe’s largest residential real-estate group.
