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ISS Recommends Shareholders Vote Against Exxon Moving its Registration to Texas

Business & Policy
May 12, 2026

(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.