True, but that obligation is often misinterpreted. The legally binding definition of "shareholder value" includes more than the short-term stock price. Since bad corporate behavior carries a risk, with potential consequences up to and including a catastrophic loss of custom, it's a liability even when it's perfectly legal and boosts near-term profits. Corporate officers who take on such risk without adequate disclosure or contingency plans can be removed and/or sued for it.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/09/09/h...