Exxon Shareholders Approve Texas Redomicile With 71.3% Support Despite Proxy Opposition
Updated
Updated · Reuters · May 27
Exxon Shareholders Approve Texas Redomicile With 71.3% Support Despite Proxy Opposition
12 articles · Updated · Reuters · May 27
71.3% of Exxon Mobil votes backed shifting the company’s legal home from New Jersey to Texas, giving the top U.S. oil producer a win at its annual meeting.
Texas has become more attractive to major companies after a 2025 law strengthened business legal protections, including allowing stock-ownership thresholds for shareholder lawsuits; Exxon says the move better fits a company headquartered there since 1989.
Glass Lewis and ISS had urged investors to reject the plan, arguing it could weaken shareholder rights, though Exxon said in March it did not intend to raise lawsuit ownership thresholds.
23.5% of votes supported a separate shareholder proposal to expand Exxon’s automatic retail voting program with options beyond following board recommendations, leaving that measure defeated.
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