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53 3. 293 6 293 7 220 4. business judgment rule 4. 01 C 1 2 3 54 hindsight second-guessing 1 2 3 55 Omnipresent specter enhanced duty 1 2 56 57 1. J. 2000 2. 29

2012 2 2. A.. C. 2005. 272. 3. J. 1999 11. 4. M. 1984. 110. 5 7. J. 2000 2. 6. J. 2000 4. 8. J. 2001. 66. 9 10. J.. 1997. 535-539 908-909. 11 M.. 21 M.. 1999. 22. 12 M.. J. 1996 3 39. 13 14 15. M.. 1974. 252 25 27. 16. J. 2002 15. 17. M. 2001. 156. 18. J. 2006 11 23-25. 19. J. 2006 11. 20. J. 1997 4 64. 21. J. 2006 6. 22. A.. C. 2005. 285. 23. J. 1997. 231. 24. J. 2001. 208. 25. J. 2007 1. 26. M. 2005. 17-18. 27 28 E.. M.. 2004. 152 156. 29 A Survey of Social Interest 57 Harvaerd Law Review 1 1943.. M.. 2004. 415. 30. M. 2003. 1. 31. J. 2003 4. 32. M. 2003. 174. 33. M. 2000. 103. 34. J. 2001 70 128. 35. M. 1997. 233. 36 C.. M.. 2001. 115. 37 38. J. 2002 1. 39 42. A.. C. 2005. 285 278. 40 Thomas Lee Hazen The Law of Securities Regulation Fourth Edition 2002 507. 30

41. A.. C. 2005. 265. 43. M. 1998. 182. 44. M. 2003. 177. 45. M. 1991. 269. 46. M.. 1984. 81-82. 47. M. 1998. 243. 48 1 M. 1956. 179. 49. M.. 1984. 89. 50.. 2005-10 - 20. 51. A.. 2 C.. 1994. 78. 52. M. 1998. 160. 53. M. 1999. 175. 54. M.. 2006. 160. 55. M. 2001. 375-378. 56. M. 2008. 196. 57. J. 2006 11. A Study on the Fiduciary Duty of Target Company s Director s in Company Takeover Zhao Wangyi Civil and Commercial Law Institute Southwest University of Politics and Law Chongqing 401120 Abstract Fiduciary duty is the basic duty of a company s director s. Due to the severe interests conflict between director s and shareholders a higher standard of fiduciary duty for the director s is needed in the takeover and antitakeover of a company. Besides the basic fiduciary duty stipulated in the company law a target company s director s also takes on some special fiduciary duties which include the duty of making prudent decision taking proper defensive measures fully disclosing relevant information and safeguarding shareholders interests to the largest extent. In order to make the evaluation of fiduciary duties operative multiple standards like the combination of subjectivity and objectivity interests standard proper target standard and the principle of commercial judgment could be considered. Key words anti-takeover target company director fiduciary duty 31