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That they would deliver value to customers.
That they would invest in employees.
That they would deal fairly and ethically with suppliers.
That they would support their communities.
That they would generate long-term value for their stockholders.
For the moment these additional duties aren’t a matter of law for anyone
other than the people who signed them. It will be interesting to see if, as
these executives predict, the law will in fact move in the direction of
demanding additional duties from corporations and their executives.
Types of Duties
The duciary relationship creates a list of sub-duties that are important to be
aware of.
These begin with the duty of care. This means that anyone who is in a
position to make decisions for a company must use all material information
reasonably available to them to make their decisions. In other words, you
can’t just “go with your gut.” You need to be able to demonstrate that you did
your homework.
Next, you owe a duty of loyalty. You can’t use your position of trust to serve
your own needs and interests.
A duty of good faith comes next. You’re required to advance the interests of
your company without violating any laws.
The next is a duty of con dentiality and prudence. You cannot disclose
corporate secrets, nor engage in any kind of gross negligence which could
harm your company.
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