During the course, we put considerable focus on the nature and role of fiduciary duties in the business enterprise area. In this context, we talked about the high level of fiduciary duties that exists with respect to the general partnership (e.g., Meinhard v. Salmon case). Further, we saw in the closely-held corporation case of Donahue V. Rodd that the Court (speaking in 1975) applied the partnership analogy and the Meinhard standard in discerning the type and level of fiduciary duties the owners (shareholders) owed one another: “[W]e hold that that stockholders in the close corporation owe one another substantially the same fiduciary duty in the operation of the enterprise that partners owe to one another……duty owed…as the ‘utmost good faith and loyalty…..We contrast this strict good faith standard with the somewhat less stringent standard of fiduciary duties to which corporate directors and stockholders of all corporations must adhere in the discharge of their corporate responsibilities….” (CB 411). Looking at this statement from the perspective of the law at 2013, do you find this judicial statement accurate and meaningful? Critically discuss.
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