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The directors are fiduciaries. Shareholders aren't fiduciaries and don't owe a duty to other shareholders.
by keithwinstein 14y ago
The directors are fiduciaries. Shareholders aren't fiduciaries and don't owe a duty to other shareholders.
- anamax 14y agoWhile majority stockholders may not be fiduciaries, googling "duties to minority stockholders" suggests that they have some duties wrt minority stockholders, at least in some cases.
- nostrademons 14y agoIIUC corporate officers are fiduciaries as well; hence, shareholder lawsuits. As CEO of Facebook, Zuckerburg could be liable for wasting Facebook's money.