ISS Recommends Shareholders Vote Against Exxon Moving its Registration to Texas

 

(Reuters) – Shareholder proxy adviser ​Institutional Shareholder Services has recommended ‌investors vote against a proposal by Exxon Mobil’s board to move ​its location of incorporation to ​Texas, saying this would impose ⁠greater hurdles for shareholders seeking ​accountability for directors and officers.

Exxon ​is seeking to abandon its corporate registration in New Jersey and redomicile in Texas ​where its headquarters is ​located, in a move that could help ‌bolster ⁠its defences against activist shareholders and climate advocates.

ISS also recommended shareholders support a resolution tabled ​by the ​New ⁠York City Police Pension Fund at the May ​27 annual general meeting aimed ​at ⁠making it easier for retail investors to vote against the ⁠board’s ​wishes. The board ​has said it opposes the resolution.

Share This:

---

More News Articles