CHANGE: ExxonMobil shareholders approve plan to redomicile to Texas.

In March, ExxonMobil Corp., based in Spring, Texas, announced its board unanimously recommended its shareholders approve changing its legal domicile from New Jersey to Texas, where its leadership and core operations have been based since 1989. The board hadn’t held a meeting in New Jersey for more than 40 years, and 30% of ExxonMobil’s global employees are located in Texas. Seventy-five percent of its U.S. employees live and work in Texas.

ExxonMobil said the reason for changing the legal domicile was Texas’ legal and regulatory environment, including its modernized business statutes and new Texas Business Court, The Center Square reported.

Not soon after, the New York City comptroller; Glass, Lewis & Co., and Institutional Shareholder Services recommended ExxonMobil and Chevron investors vote against their boards’ position on the shareholder proposals, including ExxonMobil’s plan to redomicile.

Looks like a shareholder win — Texas, too.