WILMINGTON - This week, Governor Matt Meyer, alongside state legislative leaders, introduced Senate Bill 21, a critical update to Delaware’s corporate law aimed at ensuring the state remains the premier home for U.S. and global businesses. The legislation, developed in collaboration with corporate leaders and legal experts, clarifies key governance structures to reinforce Delaware’s reputation for equitable, predictable, and efficient corporate oversight.

“Since the turn of the last century, Delaware has been the most desired state for business owners-small and large-and stockholders, controlling and noncontrolling, to incorporate in the country. In part, it is because of our state’s ability to move swiftly to meet market demands,” said Governor Matt Meyer. “Today, we are in one of those moments. We must once again demonstrate why we retain an unparalleled reputation for clarity, predictability and fairness in global markets. That is why I am urging both chambers in the state’s legislature to move with the urgency this issue deserves and to pass Senate Bill 21 as quickly as possible.”

Delaware is the corporate home to 2.2 million registered entities-more than twice the number of people in the state-and incorporated 81% of U.S. IPOs last year. The corporate franchise represents more than one-third of the Delaware state budget at roughly $2.2 billion. Senate Bill 21 addresses long-standing ambiguities in corporate decision-making by providing a clear safe harbor for independent directors, a key request from business leaders. It also refines shareholder governance structures to ensure a fair balance between management rights and shareholder protections.

The Senate bill is the result of months of consultation with corporate legal experts, company executives, and academic leaders. The bill has bipartisan backing and will be reviewed in the Senate Judiciary Committee on March 12.

For any questions or to schedule a one-on-one interview with Governor Meyer, please email [email protected]