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by TedDoesntTalk
992 days ago
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Read up on “fiduciary responsibility”. It has nothing to do with “employees of the company” or “to the benefit of the capital that funded them.” Fiduciary responsibility is every board member’s responsibility and is legally binding (documents are signed stating as such when one becomes a board member). There are probably law suits pending against board members because they broke this responsibility. |
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Fiduciaries are entrusted by a third party. The third party, for corporate boards, is the shareholders.
Boards aren't obligated to maximize profits; that's a myth. But they do have a fiduciary responsibility to the shareholders. It's their company.