Not an expert either, but safest to say the corporate-law question is nuanced and not free from doubt. It’s pretty clear there’s no duty to maximize short-term profits, though.
But we can surmise that most boards that allow the corporation to seriously curtail its profits—at least its medium-term profits—will get replaced by shareholders soon enough. So the end result is largely the same.
Not an expert either, but safest to say the corporate-law question is nuanced and not free from doubt. It’s pretty clear there’s no duty to maximize short-term profits, though.
But we can surmise that most boards that allow the corporation to seriously curtail its profits—at least its medium-term profits—will get replaced by shareholders soon enough. So the end result is largely the same.