Exxon Shareholders Approve Move to Texas
Exxon Mobil Shareholders Approve Move to Texas
Exxon Mobil (NYSE:XOM) shareholders approved the company's plan to redomicile in Texas, despite opposition from two leading proxy advisory firms.
Texas Offers Legal Protections
The company has been headquartered in Texas since 1989 but was incorporated in New Jersey. Texas passed a law last year enhancing legal protections for businesses, reducing shareholder litigation risks. Other firms like SpaceX, Tesla, and Coinbase have also moved to Texas.
Exxon stated that Texas legislators, judges, and juries are more familiar with its business. Shareholders also rejected a proposal to add more automatic voting options.
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