ExxonMobil to relocate legal domicile to Texas after shareholder approval
ExxonMobil shareholders approved moving the company’s legal domicile from New Jersey to Texas, aligning its legal home with its Texas-based operations to capitalize on a more business-friendly regulatory climate. The board-backed relocation faced warnings from advisory firms that it could hinder shareholder lawsuits, and underscores Texas’s growing appeal as a domicile for major companies (Exxon has a large Texas presence and about 75% of U.S. employees there).