This document only talks about PBCs, so it wouldn’t be in this document. I am using that phrase because that’s how people refer to fiduciary duty (and similar things) when speaking generally. Obviously there is a lot of complexity in the rules around corporate governance.
People do talk about the fiduciary duty to maximize shareholder value when speaking generally. They are wrong.
There are only two fiduciary duties in this context: the duty of loyalty and the duty of care. A director of a corporation owes no fiduciary duty to maximize shareholder value.
Sure. I find it easier to use the same words everyone else uses in informal contexts even though there is obvious complexity and is not fully accurate.
I think the point is the term is not so much 'not fully accurate' as 'actively incorrect' and should avoid being repeated as it leads to a false perception of how corporations actually work (or at least, it leads to an inaccurate idea of the origin of their behaviours).