NYC comptroller criticized for opposing Exxon’s New Jersey exit

(The Center Square) — Legal reform groups are criticizing New York City’s top bean counter for asking federal regulators to block a move by ExxonMobil to relocate its New Jersey headquarters to Texas.

In a filing with the Securities and Exchange Commission, Comptroller Mark Levine urges Exxon’s shareholders to reject the company’s proposal to move its corporate offices to the Lone Star State, which he claimed is a jurisdiction with “less robust” shareholder rights.

He cited a recent Southern Methodist University analysis suggesting that the move to Texas would make it harder for shareholders to hold the company’s board accountable.

“I believe Exxon’s proposed move to Texas, as well as the current implementation of its retail voting program, are not in the long-term interests of shareholders and will only serve to entrench company leadership and ultimately disenfranchise shareholders,” he wrote. “Your vote will have lasting implications for shareholder rights and can help ensure that Ex...