This is true in some states, like Texas; but not in Delaware where Disney is incorporated and where directors and officers owe fiduciary duties of care and loyalty to both the corporation and the shareholders.
reply(Not legal advice. I'm not licensed in either state.)
You are correct to note that there are two fiduciary duties: the duty of care, and the duty of loyalty. However, you are incorrect to imply I stated the law incorrectly.
replyThe duty of care is otherwise known as the duty to be informed. And the duty of loyalty is otherwise known as the duty not to usurp corporate opportunities. I stated the law in Delaware, which is consistent with the law on the rest of the United States on these points.
You and I simply use two different sets of words to describe the only two fiduciary duties of an officer.
(The first person to observe that an LLC has no shareholders gets a lawyer high five).
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