this post was submitted on 22 Jan 2025
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Sort of. There is no law that requires corporations to maximize short-term returns to shareholders. It entirely depends on the corporate charter. There are corporate charters that include wording that quarterly profit optimization is not a goal. C-levels repeating the "fiduciary duty" mantra are generally blowing smoke, since their corporate charters can (usually) be amended with approval of a majority of shareholders. In other words, it's the way it is because they set it up that way.