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The Fiduciary Duties

In: U.S. Mergers and Acquisitions

Author

Listed:
  • Felix Lessambo

    (Fordham University)

Abstract

A fiduciary duty is a commitment to act in the best interests of another person or entity. That is, the fiduciary must act only in the best interests of a principal. The Board of directors and the directors of a corporation owe fiduciary duties to the shareholders. The three fiduciary responsibilities of all board directors are the duty of care, the duty of loyalty, and the duty of obedience, as mandated by state and common law. Under settled Delaware law, however, the directors and officers owe fiduciary duties to the corporation and its stockholders.

Suggested Citation

  • Felix Lessambo, 2021. "The Fiduciary Duties," Springer Books, in: U.S. Mergers and Acquisitions, chapter 0, pages 51-78, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-85735-6_5
    DOI: 10.1007/978-3-030-85735-6_5
    as

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