ExxonMobil Seeks Shareholder Vote on Moving Legal Domicile to Texas
ExxonMobil shareholders will vote on May 27 on a proposal to relocate the company's legal domicile from New Jersey to Texas. Proxy advisory firms Glass Lewis and ISS have recommended against the move.
businesstoday.inExxonMobil shareholders are scheduled to vote on May 27 on a proposal to change the company's legal domicile from New Jersey to Texas. The energy company has issued statements and SEC filings opposing recommendations from proxy advisory firms Glass Lewis and ISS.
Those firms advised shareholders to vote against the proposal, citing potential effects on written consent procedures and shareholder rights.
ExxonMobil described the proxy advisors' reports as containing undisclosed legal conflicts with the Texas Attorney General. The company stated that moving to Texas would allow use of specialized business courts for commercial litigation. Management said the relocation is intended to maximize long-term shareholder value.
8 billion. Seeking Alpha reported that its quantitative rating system assigned the stock a Strong Buy rating with an A+ profitability score.
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Potential Impact
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A yes vote would change ExxonMobil's state of incorporation to Texas.
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