Frankel Fiduciary Prize Speech

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Last month I was honored at the Frankel Fiduciary Symposium in Washington. It was a wonderful day of speeches about the evolution of fiduciary duty with much discussion about how we can (and must) recapture the original undertanding. Over the last fifty years, we’ve seen a steady erosion of fiduciary duty to shareholders and increasing conflicts of interest. More than that, corporations and managers have undermined fiduciary duty to enhance their own interests. We must continue the work started at the Symposium.