Fiduciary duties of corporate executives...?

Question

Do corporate executives have a legal fiduciary duty to protect shareholder value? I know that I read this or similar somewhere but by business professor disagrees.

Please only give an answer if you are completely sure. Also a link to something official that says it is true would also be very helpful.

Thanks.

Answer 1

You might be interested in the following article "Fiduciary Duties of Directors". Here's an excerpt:

Meaning of Fiduciary Duties
Directors owe duties of "care" and "loyalty" to the corporation and its shareholders. These duties require the board of directors to act in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner he or she reasonably believes to be in the best interest of the corporation and its shareholders.

The whole article can be accessed at the link.