Reference Tracker · Texas Governance Reform
SB 29 Adopters.
The data
Publicly-disclosed SB 29 adoptions by public companies. Click column headers to sort. "Proposed" indicates board approval pending shareholder vote.
| Company | Ticker | Redomestication | Adoption Date | BJR Opt-In | Exclusive Forum | Jury Waiver | 3% Derivative |
|---|---|---|---|---|---|---|---|
| Tesla, Inc. | TSLA | Delaware → Texas (June 2024) | Charter, 2024-2025 | Automatic (NYSE-listed) | Yes, Texas | Yes | Disclosed |
| Coinbase Global, Inc. | COIN | Delaware → Texas (Nov 2025) | November 2025 | Automatic (NASDAQ-listed) | Yes, Texas Business Court | Yes | Disclosed |
| ExxonMobil Corp. | XOM | New Jersey → Texas (March 2026, pending vote) | March 2026 proxy | Automatic (NYSE-listed) | Proposed, Texas | Proposed | Proposed |
| Dell Technologies | DELL | Delaware → Texas (May 2026, pending vote June 25) | May 2026 proxy | Automatic (NYSE-listed) | Proposed, Texas | Proposed | Proposed |
| TTEC Holdings, Inc. | TTEC | Delaware → Texas (2026 proxy season) | 2026 proxy season | Automatic (NASDAQ-listed) | Proposed, Texas | Proposed | Proposed |
| Dream Finders Homes | DFM | Delaware → Texas (2026 proxy season) | 2026 proxy season | Automatic (NYSE-listed) | Proposed, Texas Business Court | Proposed | Proposed |
| ArcBest Corporation | ARCB | Delaware → Texas (2026 proxy season) | 2026 proxy season | Automatic (NASDAQ-listed) | Proposed, Texas | Proposed | Proposed |
| Texas Capital Bancshares | TCBI | Delaware → Texas (2026 proxy season) | 2026 proxy season | Automatic (NASDAQ-listed) | Proposed, Texas | Proposed | Proposed |
| eXp World Holdings | EXPI | Delaware → Texas (2026 proxy season) | 2026 proxy season | Automatic (NASDAQ-listed) | Proposed, Texas | Proposed | Proposed |
| Weatherford International plc | WFRD | Ireland → Texas (2026 proxy season) | 2026 proxy season | Automatic (NASDAQ-listed) | Proposed, Texas | Proposed | Proposed |
Last updated: May 12, 2026
Methodology and sources
What this tracker includes
Public companies that have publicly disclosed in their proxy statements, charter amendments, or board materials that they are adopting one or more SB 29 opt-in provisions. The current universe is largely public companies redomesticating to Texas during the 2025-26 proxy seasons, whose charter amendments incorporate the relevant Texas governance framework.
This is intentionally a narrower scope than "all entities benefiting from SB 29", many SB 29 provisions apply automatically to public corporations listed on national securities exchanges (codified business judgment rule), and private entity adoptions are generally not public records.
The four trackable provisions
BJR Opt-In, Codified business judgment rule under TBOC § 21.419(c). Applies automatically to publicly-traded Texas corporations; private entities must affirmatively elect in their governing documents.
Exclusive Texas Forum, TBOC § 2.115(b)(2). Allows entities to designate a specific Texas court (typically the Texas Business Court) as exclusive forum for internal entity claims.
Jury Trial Waiver, TBOC § 2.116. Allows entities to include binding jury trial waiver in governing documents for internal entity claims.
3% Derivative Threshold, TBOC § 21.552(a)(3). Allows public corporations (and corporations with 500+ shareholders that have elected the BJR) to require shareholders to own at least 3% to bring derivative actions.
What this tracker does not include
Private LLCs and limited partnerships adopting SB 29's expanded fiduciary duty modification provisions, these adoptions are generally not public records and cannot be reliably tracked. Existing Texas corporations that have amended their bylaws without making public disclosures are also not captured.
Compiled by Kraus Law PLLC. Corrections or additions welcome at hello@kraus.law.
Patterns and observations
What the first year of SB 29 adoption tells us about Texas governance reform.
Adoption is concentrated in redomesticators
The companies publicly disclosing SB 29 adoption are overwhelmingly companies redomesticating to Texas from Delaware (or other jurisdictions). Their new Texas charters typically incorporate the full suite of opt-in provisions, exclusive Texas Business Court forum, jury trial waiver, 3% derivative threshold, as part of the redomestication package.
Existing Texas-domiciled companies have been slower to amend
Texas-domiciled public companies that have NOT redomesticated have been slower to amend their existing charters to opt in to SB 29 provisions. This may reflect: (1) the absence of an immediate trigger (charter amendments typically piggyback on other amendments); (2) the absence of clear case-law guidance on enforceability of certain provisions; (3) the practical reality that codified BJR already applies automatically to listed corporations. The 2027 proxy season may see broader Texas-domiciled adoption.
Private entity adoption is invisible
SB 29's most expansive provisions affect LLCs and limited partnerships, particularly the elimination or modification of fiduciary duties under TBOC § 101.401 (as amended). These adoptions occur in governing documents (operating agreements, partnership agreements) that are not public records. Conversations with Texas business law practitioners suggest significant private-entity adoption is occurring, but it cannot be tracked through public sources.
Exclusive Texas forum is the most-adopted provision
Across the disclosed adopters, exclusive Texas forum designation appears most frequently, typically pointing to the Texas Business Court as the chosen forum. This is consistent with broader litigation strategy: companies want predictable forum, specialized commercial judges, and the bench-trial default of the Business Court.
Related reading and listening
Updating governance documents for SB 29?
Whether you're a Texas-domiciled company evaluating which opt-in provisions to adopt, a redomesticator drafting a new Texas charter, or an LLC considering fiduciary duty modifications, the specific decisions are entity-specific.
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