An oil industry giant just lost a proxy battle that unseated incumbents and installed at least two new independent board members in a move that is expected to put a focus on the company’s approach to climate action and reducing emissions—putting to rest any doubt that the landscape in which businesses operate has been fundamentally transformed.

It is now widely recognized that corporations have a moral, social, and economic imperative to invest in environmental, social and governance (ESG) issues. Helping to fuel this corporate call to action is that key stakeholders—investors, customers, employees and shareholders—are also demanding concrete ESG results and rewarding those who take the lead. These rewards are increasingly taking the form of access to capital, reputational gains, and employee retention and satisfaction.

Click here to read the full article on Bloomberg Law.