InternetJeff
You’re right of course about fiduciary responsibility….
But businesses are supposed to behave properly too, not just out of some abstract moral compass, and not just because of laws and regulations, but also because it benefits them to have a good reputation.
Let’s consider the example of Wells Fargo.
In their quest for profits, they pulled all sorts of shit (I can tell you that personally), and as a result not only incurred big government fines, but ALSO lost business due to trashed reputation.
So that is surely not a good outcome for stockholders.
Wells Fargo (and too many others) are examples of fiduciary irresponsibility