Texans for Lawsuit Reform, Texas Stock Exchange, Alliance for Corporate Excellence Laud Passage of Major Legislation Establishing Texas as Nation's Preeminent Business Hub

"Passage today of SB 29 puts the world on notice that Texas is open for business"

SB 29 institutes corporate reforms that will make Texas the preferred destination for corporate relocation and reincorporation

AUSTIN, Texas, May 7, 2025 /PRNewswire/ -- Texans for Lawsuit Reform (TLR), the Texas Stock Exchange (TXSE) and the Alliance for Corporate Excellence issued the following statement today upon bipartisan passage of Senate Bill (SB) 29:

"We applaud Lieutenant Governor Dan Patrick, Speaker Burrows, Senator Bryan Hughes, Representative Morgan Meyer and members of the Texas House of Representatives and Texas Senate for their leadership in prioritizing commonsense principles that support business excellence, innovation and job creation in Texas.

"Passage today of SB 29 puts the world on notice that Texas is open for business.

"Notably, SB 29 will establish Texas as a meaningful alternative to legal incorporation in Delaware, whose law has ceased to be predictable and clear in light of growing activism by the Delaware courts and legal community. This vital legislation will further solidify Texas as the nation's leader in business and economic development – and will draw even more companies to Texas, empowering them to create jobs and continue the Texas Miracle.

"SB 29 has now passed both chambers of the state legislature with overwhelming support. The bill now heads to Governor Greg Abbott's desk for signature."

SB 29 introduces a series of corporate reforms that will make Texas the preferred destination for corporate relocation and reincorporation by codifying the business judgment rule and allowing corporations to establish a minimum ownership threshold before a shareholder or group of shareholders can pursue a derivative claim, among other provisions.

SB 29 and its companion HB 15 were priorities for both Lt. Gov. Patrick and Speaker Burrows. 

Texans for Lawsuit Reform's mission is to foster freedom, innovation and job creation by advocating for a fair, efficient and predictable civil justice system staffed by competent and independent judges who apply the constitution and laws as written. Visit https://www.tortreform.com/.

The Texas Stock Exchange (TXSE) is focused on enabling U.S. and global companies to access U.S. capital markets and aims to provide a venue to list and trade public companies and the growing universe of exchange traded products. It is backed by several of the largest financial institutions and liquidity providers in the world, and subject to approval by the U.S. Securities and Exchange Commission, TXSE will be a fully integrated, electronic, national securities exchange headquartered in Dallas, Texas.

The Alliance for Corporate Excellence exists because we believe that corporate decision-making should be made by shareholders and by their elected directors and agents, and not by activists who are not invested in long-term corporate success.  Acting on these beliefs, the Alliance is supporting various changes to the Texas Business Organizations Code that, we believe, will make Texas a superior jurisdiction not only for incorporations but simply a place to do business.  These changes will provide a counterbalance to states that are moving away from market-driven, business friendly and common-sense jurisprudence towards judicial control through activism and decision-making uncertainty.

SOURCE Texans for Lawsuit Reform