No. So many people misunderstand that. No, it does not simply mean you automatically sacrifice longterm profits. Fiduciary responsibility is pretty widely open to interpretation because shareholders overall can want different things. Some stocks barely budge in price but the board gives good dividends. Some companies make no profit for years upon years because they are pushing for growth. Just chalking this up to fiduciary responsibility is misguided and misses many big reasons why many boards choose short term profits while sacrificing longterm sustainability. Many get most of their earnings in stock. As long as they can keep the share price up long enough for them to make bank, they have little care about the longterm health of the company. This is one of the reasons that stock buybacks have been so big over the last decade.