Exxon Pledges to Protect Investor Rights Upon Texas Move (1)

ExxonMobil Corp. “has no plans” to opt into Texas provisions that would curtail shareholder rights if investors approve a reincorporation proposal floated on Tuesday.

The oil major’s promise stands to make its plan to reincorporate from New Jersey to Texas more attractive to shareholders, some of whom have shown concern over how Texas’s new management-friendly laws could impact their rights. The state recently started allowing companies to raise the bar for shareholder proposal submissions and lawsuits against management for breach of fiduciary duty.

“ExxonMobil has no plans to adopt elective provisions under Texas law that would diminish shareholder rights currently ...