ExxonMobil Is Headed Home

ExxonMobil's shareholders have overwhelmingly approved the company's proposal to reincorporate from New Jersey to Texas. More than 70% of shareholders supported the proposal, signaling broad investor buy-in for the move to Texas.

The high level of support is notable for a few reasons. First, unlike many of the other companies that have recently reincorporated to Texas, ExxonMobil does not have a single controlling or dominant shareholder capable of driving the vote. Second, the victory was achieved despite negative recommendations from both ISS and Glass Lewis. Together, the high level of support suggests broad investor acceptance of Texas corporate law.

It is also notable that, just days before ExxonMobil's vote, ISS endorsed a proposed Texas reincorporation by Natural Gas Services Group, a small natural gas infrastructure company. That was ISS’s first recommendation in favor of a Texas reincorporation since it backed Tesla's move in 2024, which was prior to the state's 2025