The Wall Street Journal's editorial board accuses proxy advisers Glass Lewis and Institutional Shareholder Services of reverting to their old "bullying" tactics against corporate America. The duopoly has joined New York City Comptroller Mark Levine's campaign to prevent Exxon Mobil from relocating its legal headquarters from New Jersey to Texas, marking a notable escalation in the ongoing tension between proxy advisory firms and corporate management.

Exxon shareholders will cast their votes on the proposed move at the company's May 27 annual shareholder meeting. The energy giant argues Texas offers specialized business courts designed to resolve complex disputes more efficiently, with clear, statute-based standards that provide greater legal predictability. Both ISS and Glass Lewis are recommending investors vote against the relocation.

This proxy battle represents a significant showdown over corporate governance influence in the United States. The advisory firms are leveraging their substantial institutional power to challenge what is fundamentally a management-backed strategic decision. The May 27 vote will test whether proxy advisers can successfully block a company's chosen relocation path.