> Publicly traded companies have a fiduciary duty to their share holders to make as much money as possible. That is not accurate. They are required to operate

> Publicly traded companies have a fiduciary duty to their share holders to make as much money as possible. That is not accurate. They are required to operate in a manner that is satisfactory to their owners, who delegate that responsibility to the board of directors, who then set policy for management to execute. There is no difference between a publicly traded and privately owned company in terms of the responsibilities of the management and board to their shareholders. There are numerous incentives to maximize shareholder returns (eg taxation incentives, equity value improvement, dividends), but there is nothing in law or otherwise that applies a fiduciary duty to management or the directors of a company to maximize either dividends or capital value.