If shareholders are the owners of a company, they should be able to get that company to do what they want. But what happens when shareholders want something other than profits at any cost?

In a major moment for what's come to be called "shareholder capitalism", activist hedge fund Engine No. 1 successfully claimed three seats on Exxon's board of directors this year. Their explicit mission is to force the energy goliath to turn away from carbon and toward more clean forms of energy.

On this episode, we speak with the founder of Engine No. 1, Chris James, about how they approached the proxy fight, his views on shareholder capitalism, and the future of activist hedge funds.