Abstract
A fiduciary duty is a commitment to act in the best interests of another person or entity. That is, the fiduciary must act only in the best interests of a principal. The Board of directors and the directors of a corporation owe fiduciary duties to the shareholders. The three fiduciary responsibilities of all board directors are the duty of care, the duty of loyalty, and the duty of obedience, as mandated by state and common law. Under settled Delaware law, however, the directors and officers owe fiduciary duties to the corporation and its stockholders.
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