Investors' vote to put activists on Exxon Mobil's board shows corporate democracy in action. : At Exxon Mobil’s XOM, +0.16% annual shareholders’ meeting in May, shareholders voted to replace three board members with the nominees from activist hedge-fund Engine No. 1, owner of less than 0.02% of the company’s shares. The hard-fought battle pitted a small investment fund created just last year against an American icon.