In Oklahoma, a shareholder who breaches their fiduciary duty to the corporation can be held liable for any damages caused by the breach. Fiduciary duties are the highest standard of care in the business world and are owed by directors, officers, and controlling shareholders to the corporation and its shareholders.
There are several types of fiduciary duties that a shareholder may breach in Oklahoma, including the duty of loyalty, the duty of care, and the duty of obedience.
The duty of loyalty requires a shareholder to put the interests of the corporation above their own personal interests. This means that a shareholder cannot use their position or influence within the corporation to benefit themselves at the expense of the corporation or its other shareholders.
The duty of care requires a shareholder to exercise reasonable care and diligence in the management of the corporation’s affairs. This means that a shareholder must be informed about the corporation’s business and make informed decisions on its behalf.
The duty of obedience requires a shareholder to act in accordance with the corporation’s articles of incorporation and bylaws, as well as all applicable laws and regulations.
A shareholder who breaches their fiduciary duties may be held personally liable for any damages caused by the breach. In addition, the corporation may have a cause of action against the breaching shareholder to recover any losses or damages suffered as a result of the breach.
If you are a shareholder in an Oklahoma corporation and believe that another shareholder has breached their fiduciary duties, it is important to speak with an experienced business lawyer. An attorney can help you understand your rights and options and assist you in seeking recourse for any damages caused by the breach.