alt Hacker NewsNeeding to maximize shareholder value is a myth. There is no law that requires you to do that - people like to use the idea as an excuse to do scummy business.
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arcticbull • yesterday at 5:11 PM
Depends. In Michigan it is binding precedent, see Dodge v. Ford (1919).
Delaware corporations must act in the interests of shareholders.
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Sure, it's a dubious legal requirement at best. But you try telling people that on an earnings call and watch your valuation plummet because you took a long position and the market wanted a next quarter position. And even if you don't care about selling your stock personally, it does impact your ability to raise funds.