It is not surprising that ExxonMobil Corp., valued at nearly a quarter of a trillion dollars, tops the list of the largest companies targeted by activist investors in the year’s second quarter. In June, following a campaign by Engine No. 1, a small activist hedge fund focused on climate and environmental issues, ExxonMobil shareholders elected three dissident directors to the company board. What is surprising is the presence of two Japanese firms, Seven & i Holdings Co. (the Japanese parent of the 7-Eleven store chain), and electronics giant Toshiba Corp. on that same list.
In previous years, activist ...