How Shareholders Are Squeezing the Fracking Industry
Of the 10 resolutions, only three made it to a vote. The other seven were withdrawn "in response to corporate commitments," according to IEHN.

"Generally, it means investors got what they wanted," Berridge said. "It could also mean additional dialogue is forthcoming."

Resolutions. Dialogue. Voting.

But the real question is whether investor activism is triggering actual changes to the practice of fracking.

For one, it has brought enough organization to the companies involved that they have created a documented expression of best practices.

More companies are also more transparent about certain things — like what they put into the water used to frack.

"The industry is disclosing more now than it was a few years ago," said Berridge.

But if the shareholder votes are not binding, then why react to the overtures at all?

Easy answer: It's good business.

"What's at stake in the big picture is the social license to operate," Berridge said. "If you contaminate a town's water supply, they'll kick you out.

"And no one nearby will let you in."