3 ms·
According to a 2014 US Supreme Court decision... "While it is certainly true that a central objective of for-profit corporations is to make money, modern corpo
by rented_mule 3y ago
According to a 2014 US Supreme Court decision...
"While it is certainly true that a central objective of for-profit corporations is to make money, modern corporate law does not require for-profit corporations to pursue profit at the expense of everything else, and many do not do so."[1]
Public or not, people involved in a business do have fiduciary duties to their investors. But those duties are not specifically about profits. They are about "obedience, information, loyalty, and care"[2].
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[1] https://caselaw.findlaw.com/court/us-supreme-court/13-354.html https://caselaw.findlaw.com/court/us-supreme-court/13-354.ht...
[2] https://online.hbs.edu/blog/post/fiduciary-duty-to-investors https://online.hbs.edu/blog/post/fiduciary-duty-to-investors
- namaria 3y agoRight, I spoke without basis on facts. Thank you, I have done some research and changed my opinion.