The concept of fiduciary duty applies to

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Fiduciary duty refers to the legal obligation of a person or entity to act in the best interest of another party. In the context of corporations, the board of directors is responsible for managing the company and making decisions that promote the best interests of the shareholders. As such, directors owe a fiduciary duty to the shareholders to act with care, loyalty, and good faith in decision making. Corporate officers and employees may have fiduciary duties in certain circumstances, but the primary application of fiduciary duty in corporate governance is to the directors. Incorporators and shareholders do not typically owe fiduciary duties to the company or other stakeholders.

The Concept of Fiduciary Duty Applies to