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ID:40070711
大小:173.21 KB
页数:7页
时间:2019-07-19
《Fiduciary Duty 》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、FiduciaryDuty1.DutyofCareItrequiresthesecorporateofficersanddirectorstoactwiththecareofanordinarilyprudentpersoninthesameorsimilarcircumstancesa)Affirmativedecisionoftheboard-BusinessJudgmentRule:Whenainformedbusinessdecisionismadebyindependentanddisinteresteddirectorswithgood
2、faithandbelievethatthedecisionisinthebestinterestofthecorporation,thedecisionconstituteavalidbusinessjudgmentandthecourtwillnotsecond-guessit.Kaminv.AmericanExpressi.Whatisgoodfaith?StonevRitter:Badfaithexist:1.wherethefiduciaryintentionallyactswithapurposeotherthanthatofadvan
3、cingthebestinterestsofthecorporation2.wherethefiduciaryactswiththeintenttoviolateapplicablepositivelaw3.wherefiduciaryintentionallyfailstoactinthefaceofaknowndutytoact,demonstratingconsciousdisregardforhisduties*Notethatdutyofgoodfaithisactuallywithinthescopeofdutyofloyalty.ii
4、.Whathappenifadecisionisnotprotectedbythebusinessjudgmentrule?Inthesedutyofcarecases,courthasapresumptionoftheapplicationBJR,whichcreatespresumptionofgoodfaith.PmustprovethatpresumptionofBJRdoesnotapply.Ifplaintiffrebuttedthatpresumption,thedefendantshavetoprovethatthechalleng
5、edtransactionswereentirelyfairtothecorporation-“Entirefairnessstandard”.InreWaltDisneyCo.DerivativeLitigationiii.Ina“changeofcontrol”circumstance,thecourtwilluseaheightenedBJreview.Smithv.VanGorkom(Delaware1985)ThecourtinVanGorkomrequirestheboardtobeadequatelyinformedrathertha
6、njustreasonablyinformed(ascomparedtoDisney).iv.Whenthedecisionisillegal:Thebusinessjudgmentrulewillnotimmunizethedecisionofaboardthatdeliberateswiththeutmostcaretoauthorizeanactionthattheyknowtobeillegal.Dutytoobeythelawisajudiciallycreateddutyontheoverallfiduciarydutystructur
7、e.Millerv.AT&T(3rdCircuit1974)v.DGCL§141(e)Directorsareallowedtorelyoninfo,opinions,reportsandstatementspresentedtothecorporationbyitsofficers,employees,oroutsideexperts,solongasthatrelianceisingoodfaith.b)Board’sfailuretoact:Boardsareliablefortheirinactiontoo,theyhavemonitori
8、ngdutyandresponseduty.i.Francisv.UnitedJerseyBank(NJ1981)1.Ad
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