ExxonMobil shareholders approve plan to redomicile to Texas

The Center Square ^ | 5/28/26 | Bethany Blakely

[CFW]

(The Center Square) - ExxonMobil shareholders on Wednesday approved the board of directors’ plan to redomicile the company's legal headquarters to Texas.

Shareholders also rejected a proposal made by two proxy advisory firms urging them to vote against the plan and add more automatic voting options to the company’s retail investor voting program.

In March, ExxonMobil Corp., based in Spring, Texas, announced its board unanimously recommended its shareholders approve changing its legal domicile from New Jersey to Texas, where its leadership and core operations have been based since 1989. The board hadn’t held a meeting in New Jersey for more than 40 years, and 30% of ExxonMobil’s global employees are located in Texas. Seventy-five percent of its U.S. employees live and work in Texas.

ExxonMobil said the reason for changing the legal domicile was Texas’ legal and regulatory environment, including its modernized business statutes and new Texas Business Court, The Center Square reported.

Not soon after, the New York City comptroller; Glass, Lewis & Co., and Institutional Shareholder Services recommended ExxonMobil and Chevron investors vote against their boards’ position on the shareholder proposals, including ExxonMobil’s plan to redomicile.

Chevron already relocated its headquarters from California to Houston. Both companies held their annual shareholder meetings on Wednesday.

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TOPICS:
KEYWORDS: business; exxonmobil; texas

[CFW]

The regulatory burden on businesses in blue states is at the point that it's worth the savings to move your corporation to a red state.

[TexasGator]

“The regulatory burden on businesses in blue states is at the point that it’s worth the savings to move your corporation to a red state.”

Physically, they moved 37 years ago.

[maro]

I think the shareholders approved reincorporation under Texas law, rather than Delaware law, in response to a perception that Delaware law now unduly favors minority shareholders.

[Wallace T.]

If New Jersey had a conservative or even a moderate state government with a tax burden in the mid-range of states, it would become the financial capital of the United States. Corporate and financial firms would happily relocate from Manhattan, White Plains, or Purchase. It is in the same geographic area as New York City and has better road infrastructure. However, the Garden State is essentially Empire State lite and there is no incentive to relocate there.

[Sequoyah101]

About time they admitted formally to what practically is.

[MeanWestTexan]

This is the beginning of the end for NYC and Delaware.

The NYSE will being on life support in a decade and gone within 20 years.

[MeanWestTexan]

And you get sued in DE corrupt courts and pay DE size legal bills.

As expensive as lawyers are, Texas is still bargain basement.

[GMThrust]

Call me a cynic, I’m just waiting for some district court judge in Minnesota to stop this.