Proxy advisory firms Glass Lewis and Institutional Shareholder Services (ISS) have recommended that investors vote against key proposals from Exxon Mobil and Chevron ahead of their annual meetings scheduled for May 27. Specifically, they oppose Exxon's plan to redomicile from New Jersey to Texas, citing concerns that it could limit shareholder rights and complicate legal recourse. In response, Exxon criticized the New York City Comptroller's Office for its politically motivated proposal and labeled Glass Lewis's recommendation as 'ill-informed.'

Additionally, ISS supports a proposal for Exxon to enhance options in its retail voting program, allowing retail investors to automatically vote against the board's recommendations. For Chevron, Glass Lewis advised against the reelection of Jon Huntsman Jr. due to his commitments with Mastercard and Ford, which may impact his availability. They also advocate for an independent board chair at Chevron, arguing it would lead to a more effective governance structure. Chevron has expressed that the board should retain flexibility in its leadership decisions.