Delaware considers corporate law overhaul to attract businesses

Delaware lawmakers are advancing a bill, SB 21, to reform corporate law in response to concerns raised by Elon Musk and other executives about the state's judicial system. The bill aims to attract businesses by clarifying regulations and limiting shareholder access to company records. The state Senate has passed an amended version of the bill, which will now go to the House for a vote. If approved, it will change how companies use independent directors and could impact shareholder rights, drawing criticism from investor groups. Supporters argue the bill will enhance clarity and predictability in corporate governance. Critics warn it may harm minority shareholders and reduce judicial oversight, raising concerns about potential conflicts of interest among corporate boards.