In the field of corporate governance, we live in interesting times. We're seeing some stunning moves to empower shareholders and hold directors more accountable. The Shareholder bill of rights is a great example, as is the SEC's recent moves to provide shareholders direct access to the proxy and perhaps the practice of big shareholders voting shares for their customers as they see fit. 

One loser in all this may be the state of Delaware, where fees, taxes and other income from the "incorporation" business accounts for one-third of the state's annual revenue, according to DelawareOnline. Sarbanes-Oxley was seen as a major federal move into corporate governance. These newer efforts would be much more profound for the state. Ultimately, if you get a bunch of federal laws regulating this, there would be less incentive to incorporate in corporation-friendly Delaware.

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