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At least in online forums, people seem to think "fiduciary duties" are much stricter than they actually are. It's as if CEOs are dragged into a fiduciary court
by dalbasal 5y ago
At least in online forums, people seem to think "fiduciary duties" are much stricter than they actually are.
It's as if CEOs are dragged into a fiduciary court and forced to justify raising salaries, lowering prices or whatnot.
Irl, fiduciary duty is more about not stealing or cheating shareholders. There isn't a whole lot of legal activity where officers are sued for grey area fiduciary violations.
- psyc 5y agoSometimes I think the tropey things forumgoers believe were all established long ago on Something Awful and Fark.
- mike_d 5y ago"In the U.S. legal system, a fiduciary duty describes a relationship between two parties that obligates one to act solely in the interest of the other. The party designated as the fiduciary owes a legal duty to a principal, and strict care must be taken to ensure that no conflict of interest arises between the fiduciary and the principal." Musk could never put someone elses interests ahead of his own. Impossible.
- dalbasal 5y agoSo... This is exactly the kind of weird, first principles legal "theory" I was talking about. Look at actual example/precedents of fiduciary duty vuilatuons. The real ones. Not the pseudo-legal theory.