In the category of “news to us,” the Wall Street Journal reports, “Shareholders Ponder North Dakota Law“:
A new front in the battle over corporate governance is emerging in an unlikely place: North Dakota.
Only two publicly traded companies are incorporated in North Dakota. But last year lawmakers there — prodded by out-of-state activists including Carl Icahn — enacted the nation’s most shareholder-friendly corporate-governance law.The law prescribes rules that companies incorporating in North Dakota can adopt as a package, including requiring an annual shareholder advisory vote on executive pay and the naming of a chairman who isn’t an executive. The rules also provide for the annual election of directors and make it easier for shareholders to nominate their own director candidates.
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