Management and Organizational Studies 2276A/B Chapter Notes - Chapter 5: Financial Statement, Fiduciary, Chocolate Cake

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2276A/B
• Professor: Frederick King

Document Summary

Officers owe no duties to the shareholders (they are not agents of the shareholder) oversee the management of the corporation: manner in which corporation are governed because they cannot. Corporations pretend they care about environment, humanity but they don"t. Corporate governance is the set of process" by which the set of directors. Harrison and wife own two companies baron and excalibur (they buy houses); to build houses they enter into contract the lockheart (plaintiff) but. Statutory, not common law contained within business corporation statues. So attractive to shareholders is because court can do anything it sees fit if shareholders are being oppressed. Court says must look at if the directors (did not honot) failed in their duty to the corporation (did they give the contract for the best interest of the corporation) Crinen in president and founder of company (50% shareholder), two collegues at 25%; all three are directors.