Exxon Investors Approve Texas Redomicile Plan

Exxon shareholders voted to redomicile the company’s incorporation to Texas from New Jersey, the company says at its annual meeting.

• Some 71.3% of shareholders voted in favor of the plan
  • A simple majority was needed for the vote to pass
  • Proxy advisers and some investors had expressed concern that shareholder rights would be diluted by the move
• All other votes passed in line with management recommendations
  • More than 90% voted in favor of directors, auditors and compensation
  • Less than 25% voted in favor of creating an independent chairman, and modifying Exxon’s retail voting program
• Results are preliminary but final results ...