Exxon Mobil shareholders approved a plan to change the company’s state of incorporation from New Jersey to Texas.
The company has maintained its corporate headquarters in Texas since 1989.
Exxon Mobil’s legal domicile in New Jersey dates back to the 1882 incorporation of Standard Oil.
Leadership argued that Texas legislators and courts provide a superior understanding of the energy business.
CEO Darren Woods stated that this regional familiarity is critical for the company’s long-term success.
Proxy advisory firms ISS and Glass Lewis recommended that shareholders vote against the proposal.