ERHC Energy Inc (ERHE)

[nordicroots]

In response to your last question, please consider this point raised on another unrelated board a few months ago. The issue you raised involves fiduciary duty to shareholders and by law is the same for every company and their respective management teams.

“I interrupt this board with an important message from the "Legal Information Institute" of Cornell law school.
Quote:

Fiduciary Duty
Overview

When someone has a fiduciary duty to someone else, the person with the duty must act in a way that will benefit someone else, usually financially.

The person who has a fiduciary duty is called the fiduciary, and the person to whom the duty is owed is called the principal or the beneficiary. If the fiduciary breaches the fiduciary duties, he or she would need to account for the ill-gotten profit. The beneficiaries are typically entitled to damages.

Duty of Loyalty

The duty of loyalty means that all directors and officers of a corporation working in their capacities as corporate fiduciaries must act without personal economic conflict. As the Delaware Supreme Court explained in Guth v. Loft, 5 A.2d 503, 510 (Del. 1939), “Corporate officers and directors are not permitted to use their position of trust and confidence to further their private interest."”