Wall Street Journal (June 2)
“Exxon Mobil shareholders last week voted to support management’s decision to move its corporate domicile to Texas from New Jersey. It’s a smart move that raises a question for other companies: Is it becoming a corporate governance duty to leave states that punish business for states that don’t?” While some companies may opt for higher taxes and costs to take advantage of talent clusters, “don’t be surprised if Exxon is a harbinger of more shareholder-driven relocations.”
Tags: Companies, Corporate domicile, Corporate governance, Costs, Duty, Exxon Mobil, Harbinger, New Jersey, Punish, Relocations, Shareholders, Smart move, Taxes, Texas, Voted
Reuters (May 13)
“With scars from a post-Ukraine energy security crisis fresh, oil prices around $80 a barrel, and central banks’ rate hikes reducing the value of long-term businesses like offshore wind, investors have already voted with their feet. Shell’s share price has risen by a third since 2023, while the benchmark FTSE 100 Index only gained 16% during the same period. Morningstar recorded net outflows globally from sustainable investing in the fourth quarter.”
Tags: 80, Barrel, Benchmark, Central banks, Crisis, Energy security, FTSE 100, Investors, Morningstar, Offshore wind, Oil prices, Outflows, Rate hikes, Share price, Shell, Ukraine, Value, Voted
Wall Street Journal (August 26)
“Workers at the Detroit automakers voted overwhelmingly in favor of a measure that authorizes the United Auto Workers leadership to call for a strike as talks between the union and companies continue…. The negotiations are among a wave of protracted labor talks this year that have vexed companies and at times threatened to spill over into work stoppages. The International Brotherhood of Teamsters recently reached a five-year contract agreement with United Parcel Service, dodging a potential standoff that could have rippled across the U.S. supply chain.”
Tags: Automakers, Contract, Detroit, Labor, Negotiations, Protracted, Strike, Teamsters, UAW, Union, UPS, Voted, Work stoppages, Workers
