SAVE DELAWARE FROM SENATE BILL 21  

Delaware’s corporate governance laws have historically been a model of fairness and transparency, providing necessary checks on corporate malfeasance. However, Senate Bill 21 threatens to undo this legacy by stripping away investor protections and empowering billionaire executives to operate without oversight.  SB 21 gives them a license to steal from Delawarean pension funds.

The bill was written by Elon Musk’s lawyers outside the normal legislative process and introduced after Delaware courts struck down Elon Musk’s $56 billion Tesla pay package — a decision that reaffirmed the court’s role in preventing corporate self-dealing. In response, Musk and his legal team crafted SB 21 to rewrite the rules in their favor.

If passed, this bill would:

  • Allow corporate insiders to use their position to transfer value from public investors and pension funds into their own pockets.

  • Limit investor access to key company records, effectively eliminating transparency.

  • Provide legal cover for billionaires to act in their own self-interest at the expense of everyday investors.

Delaware legislators now face a crucial decision: protect Delawareans and their pension funds by upholding the state’s tradition of fair corporate governance, or surrender to the demands of billionaire executives trying to enact a license to steal from Delawareans’ hard-earned pensions.

Protect Delawareans’ Hard-Earned Pensions and the Pensions of Public Employees, Teachers, Firefights, and Police Officers Around the Nation

The fight against SB 21 is not just about Delaware—it’s about protecting the rights of pensioners across the country. If this bill passes, it will affect all pension funds and all investors while setting off a race to the bottom for investor protections.

We call on lawmakers to reject SB 21 and protect all pensions and ensure that Delaware remains a leader in corporate governance, not a pawn in the hands of billionaire elites. The future of our pension funds protected by a fair and balanced corporate law depends on it.