Delaware is working to maintain its status as the corporate capital of the world following a judge's invalidation of Elon Musk's $55 billion compensation package. The state is advancing a bill aimed at modernizing corporate laws to retain business incorporation. While supporters, including Governor Matt Meyer, argue it balances the interests of officers and shareholders, critics, including institutional investors, fear it will undermine corporate governance and shareholder rights, potentially harming accountability. Despite criticisms, the bill passed the state Senate unanimously.
Critics argue the proposed legislation in Delaware will weaken corporate governance standards, limiting protections for investors and the ability to hold corporate officers accountable.
Gov. Matt Meyer supports the bill, claiming it will ensure Delaware remains the 'premier home for U.S. and global businesses' and modernize corporate laws.
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