Exxon Shareholders Back Plan to Redomicile in Texas
Exxon Mobil shareholders approved a proposal to move the company's legal home from New Jersey to Texas on Wednesday. The move aligns the firm's legal incorporation with its long-standing headquarters and leverages new state laws that offer enhanced protections for businesses.
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EXXON MOBIL CORP shareholders approved a plan to redomicile the company to Texas on May 27 afternoon. The move follows advice from two proxy firms to reject the proposal for the United States producer. Reincorporating in Texas provides Exxon with enhanced legal protections and reduced shareholder litigation risks under new state laws.
