New York City Comptroller Mark Levine has urged ExxonMobil shareholders to reject the proposal to move their corporate headquarters to Texas, which he claims has “less robust” shareholder rights. Apparently, he would rather that XOM remain in a State where they can more easily be targeted for frivolous law suits.
James Copland, Senior Fellow and Director of Legal Policy at the Manhattan Institute : “rather than focus on improving New York City’s business climate, the comptroller is more interested in opposing ExxonMobil’s proposed redomiciling from New Jersey to Texas, solidifying its operations in a less hostile business environment.”
Mr. Levine’s chutzpah is indeed impressive, even by NYC standards, but shareholders will not vote against their own financial interest.
ExxonMobil’s move means that the three feature pieces of John D. Rockefeller’s Standard Oil legacy will now be domiciled in Texas – Standard Oil of New Jersey (Exxon), Standard Oil of New York (Mobil), and Standard Oil of California (Chevron).
Bud's Offshore Energy (BOE) 