An Uncertain Trumpet: Delaware Hears the Call of Corporate Governance Reform

April 1, 2004

Daniel Fisher

Delaware, the home of 60% of the Fortune 500, is synonymous with corporate activity and is considered the standard in American corporate law. Delaware statutory and case law also play a large, even dominant, role in governing and influencing corporate behavior and procedures in other jurisdictions. Delaware courts, cognizant of this influence, have generally attempted to fulfill their responsibility by providing stable, measured and
reliable corporate laws. However, like all rational actors, Delaware seeks to maintain its leading position as the jurisdiction of choice for incorporation, with all of the benefits that status brings to the state. Thus, Delaware is not immune from a legal form of “market pressure,” and its body of law reflects both recent events and developments in federal legislation.

An Uncertain Trumpet: Delaware Hears the Call of Corporate Governance Reform