The tiny activist that won seats on ExxonMobil’s board showed how one investor — in this case Engine No 1 — can hold immense sway when it speaks for many stakeholders, Jeffrey Smith, CEO of investment firm Starboard Value, said.

“Shareholders can make a difference, especially when shareholders are doing what we look to do, which is to speak for the rest of the shareholder base,” Smith said at the Bloomberg Deals Summit. “What they accomplished is eye-opening.”..

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