The fiduciary duties of corporate directors to "phantom" stockholders
Corporate directors' fiduciary duties should not extend to employees holding phantom stock because contract law is available to the phantom stock holders as a negotiating tool. Phantom stock is stock options offered to employees as incentives to help the company prosper. The stock phantom because the company does not convey an equity interest to the employee until some future date. While in other ways holders of phantom stock are situated similarly to nonvoting common stockholders, nonvoting common stockholders are owed a fiduciary duty because they do not have other means to assert their rights.
Publication Name: University of Chicago Law Review
Like money in the bank? An economic analysis of fiduciary duties to protect the S&L deposit insurance fund
The Office of Thrift Supervision claims that savings and loan directors and officers have a fiduciary duty to the federal government in its capacity as insurer of deposits in savings and loans (S & L). This argument has no basis in law and goes against economic theory. If this duty concentrated on moderating the risk to S & L assets as a protection for the federal fund, the resulting lack of sufficient capital investment would heighten S & L instability. The traditional fiduciary duty to S & L shareholders to maximize profits is the best way of avoiding more S & L failures.
Publication Name: Administrative Law Review
The search for the fiduciary principle: a rescue operation
Overbroad application of fiduciary duties has left the law in Australia and other Commonwealth countries in a state of disarray. Finding a fiduciary duty triggers the availability of a number of remedies to address the breach of duty. Fiduciary duty law should be limited to those instances when a high level of conduct is in fact expected and required. Alternative means of enforcing standards of conduct should be used in the areas that are now being addressed by this expansive understanding of fiduciary duty.
Publication Name: Australian Business Law Review
- Abstracts: The fiduciary responsibilities of investment bankers in change-of-control transactions. Typography in the U.S. Reports and Supreme Court voting protocols
- Abstracts: The arbitration of discrimination claims in employment cases
- Abstracts: The right of owners of servient estates to relocate easements unilaterally. Physician-assisted suicide and the right to die with assistance
- Abstracts: Addressing environmental disputes with labor mediation skills. Mediation: an answer to broker-customer disputes
- Abstracts: The arbitration of human rights complaints: the New York experience