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Not unless they hopped in their time machine and went back to infiltrate the Michigan Supreme Court in 1919. Dodge v. Ford Motor Company[0] established the pri

• cratermoon 9y ago
  I like how anyone who actually reads the content of the article and checks the references can a) know how wrong it is to represent this case as a meaningful bit of law and b) find that it directly contradicts the assertions that it is a driving force. "Among non-experts, conventional wisdom holds that corporate law requires boards of directors to maximize shareholder wealth. This common but mistaken belief is almost invariably supported by reference to the Michigan Supreme Court's 1919 opinion in Dodge v. Ford Motor Co." https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1013744 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1013744
• mindcrime 9y ago
  That would only be a binding precedent in the State of Michigan though, no? And from the same Wikipedia page: In the 1950s and 1960s, states rejected Dodge repeatedly, in cases including AP Smith Manufacturing Co v. Barlow[2] or Shlensky v. Wrigley.[3] The general legal position today is that business judgment that directors may exercise is expansive. Management decisions will not be challenged where one can point to any rational link to benefiting the corporation as a whole