[steveklabnik]

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.

[singleshot_]

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.

[steveklabnik]

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.

[rcxdude]

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).