Corporate Law Challenge Threatens Delaware’s Edge, Governor Says

A challenge to Delaware’s contentious corporate law overhaul threatens to undo the legitimacy of all prior statutory amendments that shape governance for two-thirds of the Fortune 500, the governor told the state’s highest court.

The law maintains the court’s ability to evaluate claims of directors and officers breaching their fiduciary duties while restoring balance to its decision-making, Gov. Matt Meyer (D) said in a brief posted late Friday. He’s defending the law (S.B. 21) he championed after reports that Meta Platforms Inc. and other high-profile companies were considering leaving Delaware for other states.

Should the Delaware Supreme Court ...