Andrew Gold, ‘Purposive Loyalty’

Abstract:
This paper addresses the question whether acting to advance a corporation’s purposes is the same thing as acting in that corporation’s best interests. For some, these are equivalent cases of fiduciary loyalty. I will argue that there is a type of loyalty involved when directors advance corporate purposes – and that it is a form of loyalty to the corporation itself – but this type is not co-extensive with best interests loyalty. Fiduciary loyalty has multiple strands, and purposive loyalty is a distinct and important category.

Gold, Andrew S, Purposive Loyalty (May 11, 2017). Washington and Lee Law Review, volume 74, 2017.

First posted 2017-05-12 06:30:03

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