“Rather than require specific outcomes–such as achieving maximum share price–fiduciary duties are largely about conduct, process, and motivation,” says Harvard Business School Professor Nien-hê Hsieh in the online course Leadership, Ethics, and Corporate Accountability.

A fiduciary duty does not require the CEO maximize shareholder profits in the long-term or short-term. It requires obedience, openness, care, and not acting to enrich themselves.

Corporations have a fiduciary duty to maximize profits for shareholders.

Apparently that’s a myth. CEO’s of public for-profit corporations just need to be competent and without a conflict of interest.

EDIT: This is true even with the caveat that birdwing listed.