# kaal:claim:3017612-021

**Claim.** Fiduciary responsibility follows actual control rather than formal office: a shareholder exercising absolute de facto control over a corporation owes fiduciary duties regardless of whether that shareholder holds de jure title.

**Type.** mechanism  **Support.** evidenced

**Holds when.**

- shareholder exercises absolute de facto control or dominance

**Source quote.**

> If a shareholder "exercises absolute de facto control over a corporation, such actual dominion carries with it fiduciary responsibility regardless of the presence or absence of de jure titles.

**From.** Wulf A. Kaal, *Shareholder Agreements - National Report of the United States of America* (2017), III.1 Shareholders' Agreements on Shareholder Rights, page 11

**Cite as.** Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017). SSRN: https://ssrn.com/abstract=3017612

**Verify.** sha256 of source PDF `33821db406f92efbe1698fbaed37687595c13b7ce5463b4a879df679fd4af1ac` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Shareholder%20Agreements%20-%20National%20Report%20of%20the%20United%20States%20of%20America.pdf

**Topics.** corporate-governance

**Keywords.** fiduciary-duty, de-facto-control, dominant-shareholders, formalism

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