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Exxon Mobil Challenges Two Proxy Advisory Firms Over Texas Move
Exxon Mobil is responding to opposition from two proxy advisory firms regarding its plan to change its legal headquarters from New Jersey to Texas. The company is taking steps to address the firms' recommendations to shareholders.
May 21, 1:47 PM·1m read1 source
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Exxon Mobil is responding to two proxy advisory firms that recommended shareholders vote against the company's proposal to change its legal home from New Jersey to Texas. The company said the firms' positions do not reflect the views of its shareholders. It is taking steps to counter the recommendations ahead of the upcoming vote.
Background on the Proposal The plan would move Exxon Mobil's legal headquarters to Texas while keeping its operational headquarters in the Houston area. The company has stated that the change would align its legal domicile with its primary business operations.
Shareholders are scheduled to vote on the proposal at the company's annual meeting. The move requires approval from a majority of shares voted.
Mobil said it has engaged directly with shareholders to explain the rationale for the change. Officials noted that the company has already received support from several large investors. The two proxy advisory firms have advised their clients to vote against the proposal. Exxon Mobil is now seeking to address those recommendations through additional communications.
