Google to Comply with EU Search Demands to Avoid More Fines

Re:Google to Comply with EU Search Demands to Avoid More Fines by tareqak on Tuesday August 29, 2017 @04:36PM (#15127404)

I find it interesting how the fiduciary duty towards shareholders given priority over obeying the law. My initial instinct is to basically assume that the former requires the latter in some way.

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Re:Google to Comply with EU Search Demands to Avoid More Fines by frgtpsswrdlame on Tuesday August 29, 2017 @04:43PM (#15127456)

There's no fiduciary duty to maximize profits for shareholders. Google was under no legal obligation to break the law here.

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Re:Google to Comply with EU Search Demands to Avoid More Fines by tareqak on Tuesday August 29, 2017 @06:14PM (#15128084)

Sorry then, my understanding was incorrect.

I'm not sure where to look for the precise definition of "fiduciary".

https://en.wikipedia.org/wiki/Fiduciary fiduciary: A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons).

http://dictionary.law.com/Default.aspx?selected=744 fiduciary: 1) n. from the Latin fiducia, meaning "trust," a person (or a business like a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty. 2) adj. defining a situation or relationship in which a person is acting as a fiduciary for another.

http://dictionary.law.com/Default.aspx?selected=745 fiduciary relationship: n. where one person places complete confidence in another in regard to a particular transaction or one's general affairs or business.

http://dictionary.law.com/Default.aspx?selected=599 duty of care: n. a requirement that a person act toward others and the public with the watchfulness, attention, caution and prudence that a reasonable person in the circumstances would use.

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Re:Google to Comply with EU Search Demands to Avoid More Fines by frgtpsswrdlame on Tuesday August 29, 2017 @06:33PM (#15128187)

https://en.wikipedia.org/wiki/Business_judgment_rule

So the business judgment rule isn't where any normal person would want to start on this topic, but I think it's wikipedia article probably is the best in terms of defining a few things and then linking you to more resources.

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Re:Google to Comply with EU Search Demands to Avoid More Fines by tareqak on Tuesday August 29, 2017 @07:01PM (#15128328)

Thanks frgtpsswrdlame! It is definitely hard to have any meaningful discussion without agreeing on the vocabulary to use.

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Re:Google to Comply with EU Search Demands to Avoid More Fines by dmitrygr on Tuesday August 29, 2017 @05:07PM (#15127611)

Is your name Wesley Mouch by chance?

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Re:Google to Comply with EU Search Demands to Avoid More Fines by frgtpsswrdlame on Tuesday August 29, 2017 @05:11PM (#15127636)

I don't read Rand so I couldn't tell you. But corporate fiduciary duty is extremely misunderstood. Google would not have violated any fiduciary duty by refusing to engage in the actions which have attracted this attention and it would not have violated any fiduciary duty by fessing up and paying the fine.

EDIT: after reading the conservapedia entry on Wesley I found this comment a lot funnier. Unfortunately I couldn't be Mouch, it was said of him that "What I like most about you, Mouch, is that you do not talk too much" and I don't think anyone has ever accused me of that. (:

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Re:Google to Comply with EU Search Demands to Avoid More Fines by charlesdm on Tuesday August 29, 2017 @04:37PM (#15127416)

The fine makes it worth complying. It's 5% of global daily revenue per day, which is significant. It's also not tax deductible. If the fine would be $10,000 a day, Google wouldn't care.

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