A third defeat for the activist investor driven by high retail shareholder turnout masks a result that remains uncomfortably close for the incumbent board.

Follow This has issued a public letter, urging investors to support Resolution 23, which asks Shell’s board to explain how resilient its strategy would be in a scenario where the market for oil and gas contracts, rather than merely cycling through price volatility.

Activist investor Carl Icahn has written to fellow McDonald’s shareholders taking issue with the company’s continued failure to combat animal cruelties along its supply chains.