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Actually it is mandatory. That I think is the problem. It is litterally illegal to not try and maximize profits. My question is, can they change that with something written up during the ipo.
Source? It's often repeated, but I've not seen anything official
Read through the rest of the comments here. It is a little more nuanced than I originally thought, but to some degree it is true. They have a fiduciary responsibility to the shareholders. But not taking an action to max profits seems to be technically okay. Taking an action to knowingly reduce profits seems to not be ok.