“Rather than require specific outcomes–such as achieving maximum share price–fiduciary duties are largely about conduct, process, and motivation,” says Harvard Business School Professor Nien-hê Hsieh in the online course Leadership, Ethics, and Corporate Accountability.
A fiduciary duty does not require the CEO maximize shareholder profits in the long-term or short-term. It requires obedience, openness, care, and not acting to enrich themselves.