Exxon Mobil Corporation accuses proxy advisory firms Glass Lewis and Institutional Shareholder Services (ISS) of a conflict of interest. The firms recommended shareholders vote against Exxon’s proposal to move its legal domicile from New Jersey to Texas.
Exxon claims both advisors are engaged in an ongoing legal battle with Texas Attorney General Ken Paxton. The oil giant argues these disputes represent an undisclosed conflict of interest.
Exxon plans to run full-page newspaper advertisements highlighting the legal clash. Shareholders will vote on the relocation proposal on May 27.