Fiduciary Duty

I am not a lawyer. I have heard of the concept of the fiduciary responsibility that corporate boards and officers owe to their stockholders. I have seen this used as an excuse to deny employees fair wages, and for all manner of other sleazy dealings.

I took a moment to see what I might find on the web about this concept. The following is from a website called Lawyers.Com, although similar things can be found in many places:

Fiduciary Duties of Board of Directors

Every board member owes a legal duty of good faith, full disclosure, fair dealing and undivided loyalty to the corporation. Directors must positively renounce anything that is unfair. A breach or violation of this duty typically occurs where directors or officers self deal to their own benefit and to the detriment of the corporation.

Now, why am I mentioning this? Isn't it a clear example of "self deal(ing) to their own benefit and to the detriment of the corporation." when CEOs and other corporate leaders pay themselves gigantic salaries and bonuses? Here is my suggestion: can't these people be charged with criminal acts for giving themselves this money? These laws are already on the books. All it takes is for someone to charge and prosecute them. We don't need congressional action or anything else. So how about it?

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