F&B has expressed reservations about the effectiveness of liability rules in lowering agency costs. F&B initially stated that managers’ responsibilities are contingent on the contract’s performance obligations, but defining the contract’s performance obligations is complicated and costly. On the other hand, the contract is primarily one of binding, with the general statutory duty to act in good faith and with reasonable care, as well as more finely specified common law requirements. F&B is concerned that the Contract will be applied inaccurately and stringently by the courts because the majority of lawsuits result in disappointing results, and courts mistakenly assume that such events are the result of bad behavior. This objection from F&B is correct, but it focuses on the duty of due care rather than loyalty because monitoring individual managers’ effort or productivity is costly, making it difficult to use liability laws as a remedy for managers’ actions a lack of initiative.
As it applies to trade companies publicly, modern corporate law is based on the notion that stock ownership and control are distinct. Most publicly traded companies’ stock is widely held, and company executives often own only a tiny percentage of the shares they control. The separation of control and ownership necessitates an accountability framework. It is unfathomable to give managers control over other people’s money without putting them under certain limits. Corporate law has established rules that serve as a standard form contract between the corporation, its shareholders, and the managers to achieve this goal. All managers have two responsibilities under corporate law: reasonable care and the duty of loyalty. The duty of due care addresses both the decision-making function of managers and their need to monitor the behavior of lower-level personnel. The board of directors is in charge of overseeing the performance of senior management and appointing their successors. Directors are also responsible for making important business decisions, and they must do so with caution. The value of the derivative suit is called into doubt not by a theoretical flaw but by practical flaws that almost exclusively relate to losses resulting from a failure to exercise due care. By no means do these practical restrictions cast doubt on the principle or value of derivative cases.
Derivative Suits’ Theoretical Case
The theoretical case for responsibility standards enforced by shareholder litigation is solid, and neither contrary theoretical concerns nor empirical data presented by F&B undermine it. Although F&B claims that the fundamental goal of liability laws is to “provide incentives to engage in socially desirable activity,” liability regulations also recompense people who have been damaged. Even if people restrict ourselves to a derivative lawsuit in which the company recovers any damages and the primary purpose is almost certainly to deter illegal behavior, the hypothetical case is persuasive enough. It has a powerful impact when it comes to breaches of the duty of loyalty. ‘By definition, corporate executives are incapable of policing damaging behavior because they are responsible for it and profit from it. The theoretical case for keeping and even increasing liability standards and derivative litigation is well-founded and even conservative.
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