August 09, 2005
Repeat After Me ...
Posted by Gordon Smith

"Unlike ideals of corporate governance, a fiduciary's duties do not change over time." (2)

"Times may change, but fiduciary duties do not." (3)

These statements seem to have been intended to highlight the fact that Delaware is not going to create new avenues of liability to satisfy the post-Enron reformist impulse. Nevertheless, the notion that fiduciary duties are constant seems wildly out of place in this case, when all of us were wondering what to make of the duty of good faith and Chancellor Chandler is writing sentences like this: "The Delaware Supreme Court has been clear that outside the recognized fiduciary duties of care and loyalty (and perhaps good faith), there are no other fiduciary duties."

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