"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," reports the WSJ. The idea is that shareholders can then pressure companies to reincorporate in North Dakota as a way of certifying that they intend to give shareholders wider (or at least different) rights than they would possess in a state like Delaware. Larry Ribstein, although supportive of a competitive market between states in corporate governance, doesn't think this particular experiment is likely to bear much fruit.