"Critical Reform for Overreaching Court Starts
with Delaware's Governor"
NEW
YORK, July 3, 2024 /PRNewswire/ -- In the wake
of a string of high-profile cases in recent years, and amid record
scrutiny for Delaware's Chancery
Court, TransPerfect Founder Phil
Shawe has released the following statement on SB 313, a new
law passed by the Delaware Legislature that provides some
disruption to the court's runaway train of unchecked
power:
"SB 313 doesn't recoup the detriment caused to our company, nor
our tens of thousands of team members, but it is an assertion that
change is not only needed, but imminent, for a court that has
exhibited rampant overreach in recent years. To have multiple
members of the court actively working to influence the
legislature—a body that is meant to be distinctly independent from
the judiciary—epitomizes the desire for dominance the Chancery
Court flaunts.
"The proposed amendments in SB 313, written by the Corporate Law
Council—the group responsible for reviewing, recommending, and
developing changes to Delaware's
corporate law—allow corporations to enter into stockholder
contracts even if provisions are not set forth at incorporation.
The law reins in the Chancery Court's recent rulings that exhibit
absolute authority as opposed to the fair arbiter of business law
attracting millions of incorporations to the state.
"I strongly urge Governor Carney to sign SB 313 and contest
Chancery's flagrant power grab immediately."
About TransPerfect
TransPerfect is the world's largest provider of
language and AI solutions for global business. From offices in
over 140 cities on six continents, TransPerfect offers a full range
of services in 200+ languages to clients worldwide. More than 6,000
global organizations employ TransPerfect's GlobalLink®
technology to simplify management of multilingual content. With an
unparalleled commitment to quality and client service, TransPerfect
is fully ISO 9001 and ISO 17100 certified. TransPerfect
has global headquarters in New
York, with regional headquarters in London and Hong
Kong. For more information, please visit our website at
www.transperfect.com.
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SOURCE TransPerfect