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Delaware law generally indemnifies officers and directors for everything but gross breaches of the law or their duty of loyalty to the firm.
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In his quote, Milton Friedman alludes to the traditional notions of fiduciary duties of corporate officers and other agents like financial advisors that require a strict duty of loyalty to the interests of the principle (the shareholders).
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They split these broadly into cases where managers breached their duty of care doing something idiotic like buying AOL at the peak of the tech bubble, or a subprime originator in 2006 and those where they breached their duty of loyalty, a more serious offense where managers put their personal interests ahead of shareholders.
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It is very true that our experience, leadership, dedication, loyalty and the countless other personal attributes that were honed in the line of duty count for something and are desired traits from all employees and that you will never be able to fairly compare apples to oranges(military to civilian), but those are what they are, character traits!
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If you, as board members, undertake the current course of action, Third Point will hold you personally responsible for such a flagrant violation of your duty of loyalty.
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