New York City Comptroller Mark Levine called on Exxon Mobile Corp. shareholders to reject a proposal by the company to move its domicile to Texas from New Jersey, where it has been incorporated for 144 years.
Levine warned in an a filing with the Securities and Exchange Commission against relocating the company to Texas, which he said has “less robust shareholder rights.”
The proposed move is “not in the long-term interests of shareholders and will only serve to entrench company leadership and ultimately disenfranchise shareholders,” Levine wrote in a letter to shareholders that was included in the filing. He added that a potential move “sets the stage for the potential erosion of shareholder rights under Texas state law.”…