Corporate Law Overhaul Passes Delaware Senate, Goes to House

A legal overhaul that would shift power from smaller investors toward corporate insiders like Elon Musk is headed toward its final legislative test after sailing through Delaware’s Senate.

State Senate Bill 21, backed by Gov. Matt Meyer (D), passed Thursday by a 20-0 vote. It now goes to the state House of Representatives, where a coalition of scholars, shareholder attorneys, and institutional investors will look to slow its momentum. The bill is aimed at the concerns of business leaders who say they’re considering relocating—a phenomenon dubbed “DExit"—in response to court decisions that cracked down on conflicts of interest involving ...