A tiny hedge fund has won at least two seats on the board of the largest US oil company, persuading shareholders, including some big pension funds, that Exxon’s stance on climate change hurts both the planet and company profits. BlackRock, the world's largest asset manager, backed three of four candidates nominated to the 12-person board by activists. Eight directors nominated by management won seats. In other signs of change, shareholders of Chevron, the second-largest U.S. oil company, voted to reduce emissions from use of its vehicle fuel, and a Dutch court required Royal Dutch Shell to cut its emissions in the Netherlands by 45 percent as of 2030, compared with 2019.

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