politics
Exxon Mobil Shareholders Vote to Reincorporate in Texas
Shareholders voted 71.3% in favor of reincorporating in Texas despite recommendations against the move from ISS and Glass Lewis. The decision follows years of declining support for ESG proposals and sustained outflows from sustainable funds.
Jun 1, 7:00 AM·1m read1 source
Washington ExaminerAudio version
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Exxon Mobil shareholders voted this week to move the company’s legal home to Texas.
Exxon Mobil has been headquartered in Texas since 1989 and employs roughly 30% of its workforce in the state. The New York City comptroller, acting on behalf of the New York City Police Pension Fund, filed a formal notice with the SEC opposing the relocation. ESG shareholder proposals dropped by 47% during this year’s proxy season compared with the same point in 2025.
Average support for conventional ESG resolutions has hovered around 26% to 27% for three consecutive years. Twenty-one states have now signed 52 anti-ESG bills into law, with 11 passing in 2025. Ohio’s law was signed in late 2024 and bars state pension funds and university endowments from prioritizing ESG in investing decisions.
U.S. investors pulled money from sustainable funds for 13 consecutive quarters through the end of 2025, totaling $21 billion in outflows for the year. The first quarter of 2025 set the single largest quarterly redemption record for ESG funds since Morningstar began tracking the category.
Glass Lewis announced late last year that it would end its benchmark proxy voting policy entirely.
