20001 THE NEXT CENTURY OF CORPORATE LAW For example, today a director must attend board meetings in person even if the attendance is only by an electronic means that allows the director to hear and be heard by all other directors. Are we willing to substitute an on-line chat room format for directors' meetings? If not, why not? Is our resistance well-founded or based on out-moded traditions and values of marginal importance, values that, like those that 100 years ago made incorporation a judicial matter, embody once legitimate concerns that developments in our society have rendered of little or no consequence? And what of globalization? Delaware corporations are operating all over the world. Increasingly, they are being formed by persons from foreign countries to conduct business in those countries not in Delaware or even the United States. At what point, then, will Delaware begin to feel pressure to modify its corporation laws to accommodate the business practices, for example shares registered in bearer form, of other cultures? Thus, I have no doubt that corporation law in the twenty-first century will involve material changes that will challenge some of the fundamental Law- principles some of us may hold sacrosanct I look forward, as I hope you do, to the next day and a half and the insights of our speakers into the challenges the future likely holds for the Delaware General Corporation Law, the benefits that change promises to bring about, the potential dangers to our corporation law that may accompany change, and just how difficult, or easy, or wise, change may be Thank you very much2000] THE NEXT CENTURY OF CORPORATE LAW 5 For example, today a director must attend board meetings in person, even if the attendance is only by an electronic means that allows the director to hear and be heard by all other directors. Are we willing to substitute an on-line chat room format for directors’ meetings? If not, why not? Is our resistance well-founded, or based on out-moded traditions and values of marginal importance; values that, like those that 100 years ago made incorporation a judicial matter, embody once legitimate concerns that developments in our society have rendered of little or no consequence? And what of globalization? Delaware corporations are operating all over the world. Increasingly, they are being formed by persons from foreign countries to conduct business in those countries, not in Delaware or even the United States. At what point, then, will Delaware begin to feel pressure to modify its corporation laws to accommodate the business practices, for example shares registered in bearer form, of other cultures? Thus, I have no doubt that corporation law in the twenty-first century will involve material changes that will challenge some of the fundamental principles behind various provisions in the Delaware General Corporation Law — principles some of us may hold sacrosanct. I look forward, as I hope you do, to the next day and a half and the insights of our speakers into the challenges the future likely holds for the Delaware General Corporation Law, the benefits that change promises to bring about, the potential dangers to our corporation law that may accompany change, and just how difficult, or easy, or wise, change may be. Thank you very much