Exxon Mobil have approved the company's plan to redomicile in Texas, marking a win for the top U.S. oil producer after two leading proxy advisory firms advised investors to strike down the proposal.
The oil producer is incorporated in New Jersey, but the company has been headquartered in Texas since 1989. It said moving its legal home to the state was logical and made more sense for the business.
Other companies, including SpaceX, Tesla and Coinbase, have recently shifted operations to the Lone Star State. A Texas law passed last year enhanced legal protections for businesses in several ways, including reducing the threat of shareholder litigation by allowing companies to set stock ownership thresholds for lawsuits.
When it announced in March its plan to switch the state of incorporation from New Jersey to Texas, Exxon said it did not plan to raise its ownership thresholds for shareholder lawsuits and argued that Texas officials have a better understanding of its business.
Full story Exxon wins shareholder backing for legal move to Texas | Reuters
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