Friends,
It was a big week in Texas, as the Primary Runoffs concluded (mostly as expected) and the shareholders at ExxonMobil approved the board recommendation to move the corporate home from New Jersey to Texas. The ExxonMobil decision is a big one, as Texas continues to attract companies and compete as the new economic center of America. Dell Technologies shareholders will cast a similar vote next month to decide whether to move their corporation to Texas from Delaware.
Both companies represent a potential future in which Fortune 500 companies make Texas their home as the Lone Star State continues growing as the center of innovation and economic strength. Unfortunately, there are voices attempting to attack Texas and stop these moves from happening. Proxy advisers, companies that sell their “research” and “insight” to institutional shareholders, were active in ExxonMobil’s decision – potentially too active, as the Senate State Affairs committee is scheduled to look into whether companies violated a new state law regulating proxy firms.
Finally, looking for summer plans? We’ve got you covered next month as TLR hits the road for the Republican Party of Texas State Convention in Houston and the upcoming Texas Chamber of Commerce Executives Annual Convention in Abilene. We’ll see you on the trail.
For the future of Texas,
Ryan Patrick
CEO | TLR
The ExxonMobil vote made plenty of headlines this week, but the story is far from over for two proxy adviser firms that tried to stop the move from happening. Both ISS and Glass Lewis are now being reviewed to determine whether they violated SB 2337, passed by lawmakers in 2025, which requires proxy advisory firms to disclose whether their recommendations to shareholders go beyond fiduciary responsibilities. The Senate State Affairs Committee will hold a hearing on June 23 to review the implementation of that law and potential violations.
TLR joined a coalition of advocacy groups calling out the proxy advisors for playing games with the vote. Read more about how Texas is fighting to secure more companies and how the ExxonMobil vote is highlighting a greater problem with proxy advisers.
TLR is honored to join the Gulf Coast Chamber Executives (GCCE) as a new member and supporting chamber leaders across the region. Last week, TLR’s Director of Communications and Director of Advancement attended the monthly GCCE meeting, hosted at the Sam Houston Visitor’s Center in Huntsville. We look forward to connecting with chamber leaders from across the state at the Annual Conference next month in Abilene. Thank you for all you do to keep our businesses connected and thriving in your communities.
That’s not a typo (it’s not AI either). New York just passed tort reforms to cut down on fraud and, more importantly, reduce statewide auto insurance costs. The priority issue for New York’s governor led to vicious attacks from the billboard lawyer lobby, a stalled legislative session, and, finally, victory this week. Governor Kathy Hochul made clear that the reforms will help lower costs for more than just drivers:
“Outdated laws, special interest loopholes and jackpot insurance payouts to bad actors have long forced New Yorkers to pay some of the highest car insurance rates in the nation,” Governor Hochul said. “These hardfought reforms are a win for every New Yorker who depends on a car to go to work or drop their kids at school. But it’s bigger than that – I’ve heard from farmers who say these reforms will lower the cost of getting their goods to market and from construction supply companies who say this will lower the cost of building. This is how we are delivering on the promise to tackle the affordability crisis head on.”
