# kaal:claim:2317580-009

**Claim.** Because state fiduciary duty law is permissive rather than regulatory, fiduciary standards can legitimately develop from non-legislative sources, which makes extra legal forces a proper source for shaping fiduciary duties.

**Type.** mechanism  **Support.** argued

**Holds when.**

- state law fiduciary duties
- fiduciary responsibilities understood as largely aspirational best practices

**Source quote.**

> Because state fiduciary duty law is permissive rather than regulatory, fiduciary standards can develop from non-legislative sources.

**From.** Wulf A. Kaal, Elizabeth R. Malay, *The Role of Corporate Integrity Agreements in the Expansion of Fiduciary Duties* (2013), II. Expanding Fiduciary Duties, page 9

**Cite as.** Wulf A. Kaal, Elizabeth R. Malay, The Role of Corporate Integrity Agreements in the Expansion of Fiduciary Duties (2013). SSRN: https://ssrn.com/abstract=2317580

**Verify.** sha256 of source PDF `50973e1e820aef47a4e7ffdbdcb513d03f1845643fcf4fa5910e9528a0b7dac2` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Malay%20-%202013%20-%20The%20Role%20of%20Corporate%20Integrity%20Agreements%20in%20the%20Expansion%20of%20Fiduciary%20Duties.pdf

**Topics.** law-and-legal-systems, corporate-governance

**Keywords.** extra-legal-forces, state-corporate-law, fiduciary-standards, norms

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