> You made the claim that corporations must act ethically or its securities fraud. That claim is not correct. Some unethical behavior can indeed be illegal but unethical in itself doesn’t automatically break the law.
Not exactly no, I made the claim that a lot of unethical, but not directly illegal, behavior has been successfully called securities fraud.
> So, ultimately the corporation is an entity designed to advance the interests of shareholders.
Which is not the same as "generating returns for shareholders". Of course this also gets even more confusing with voting/non-voting shares, where for the majority of shareholders, your interests don't matter at all.
