Corps Act fiduciary requirements are that company directors act in the interests of shareholders. Legal. Ethical. All of it. In the interests of shareholders.
They aren't in trouble for it, there are plenty of justifications, but we all know they weren't acting for their existing shareholders. They wanted new and fancier shareholders, and they acted in their interests instead of ours. And those existing shareholders? We'll given them a little piece of the pie while we separate out 90% of the gains to the new fancy ones.
Ann: Strong Shareholder Support for Share Purchase Plan, page-11
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