For publicly traded companies, there is: https://www.litigationandtrial.com/2010/09/articles/series/s...
> Having chosen a for-profit corporate form, the craigslist directors are bound by the fiduciary duties and standards that accompany that form. Those standards include acting to promote the value of the corporation for the benefit of its stockholders.
"Value" yes, but again says nothing about "profit". The court acknowledged different stockholders can and do have different and even conflicting definitions for value, and that a contract (not a law) should be used to resolve those differences. In the end the only thing that the judge ruled against were actions specifically designed to destroy the value of the company's stock by making it harder to buy and sell. He didn't order e.g. that Craigslist raise ad prices even though it's widely believed they hold a ton of pricing power and are deliberately avoiding maximizing profit because they prioritize community.
I am not nit-picking, asking in good faith: is that enacted into a law ? Or is that part of a contract between shareholders and the board of executives ?
I have heard about that walmart competitor run like a family business and that gives every employees a voice (a cooperative ?).
according to this ny times article [2] it states:
`There is a common belief that corporate directors have a legal duty to maximize corporate profits and “shareholder value” — even if this means skirting ethical rules, damaging the environment or harming employees. But this belief is utterly false. To quote the U.S. Supreme Court opinion in the recent Hobby Lobby case: “Modern corporate law does not require for-profit corporations to pursue profit at the expense of everything else, and many do not.”`
the ny times article also cites some sources such as supreme court case; it’s well worth a read
[1] https://www.sandiegobusinesslawyerblog.com/fiduciary-duties-...
[2] https://www.nytimes.com/roomfordebate/2015/04/16/what-are-co...
It is true that companies are not required to "pursue profit at the expense of everything else".
But it is also true that companies are held to legal standards that "include acting to promote the value of the corporation for the benefit of its stockholders" (Ebay v Newmark). This was famously weaponized against Craigslist several years ago, who were successfully sued over their refusal to let shareholders change corporate culture.