Fiduciary duty is a real thing. Agent/principal relationships require the agent to try and get the maximum return for the level of risk.
Even if a CEO doesn’t have a written fiduciary duty in their contract do, the company as a whole usually does.
The CEO of a public corporation reports to the board who report to index fund managers who have a agent/principal relationships with all of their investors.
The comment was basically shorthand for “a fiduciary duty exists between corporate leadership and shareholders, creating a legally-enforceable requirement that the only consideration be maximum potential return on investment for existing shareholders and risk.”
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