The Fine Print on Exxon’s Texas Move
Photographer: Brandon Bell/Getty Images
Exxon’s shareholders should read the fine print on the company’s pledge not to weaken their rights if they decide to approve its proposed reincorporation in Texas, SMU Dedman School of Law’s Christina Sautter writes in a Bloomberg Law Insight.
The oil giant says it’s interested in Texas’ business-friendly regulatory environment, which allows companies to require a minimum $1 million or 3% share to get a proposal on the ballot. Even if Exxon says it won’t opt in for now, under state law, the board of directors can amend the company’s bylaws to ...