ExxonMobil’s leaders were in a celebratory mood as they wound up the company’s annual meeting in late May.
They had just won a decisive victory over dissident shareholders opposing the oil company’s proposal to move its legal domicile from New Jersey to Texas — a shift critics warned would dilute shareholder rights and set a precedent that other US corporations would follow.
Darren Woods, chair and chief executive of the world’s largest non-state-owned oil company, told shareholders the group’s oil and gas production was at a 40-year high and they could look forward to a future that would be “the brightest in the company’s history”.
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