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The 'Zone of Insolvency'
Directors and officers of a corporation are fiduciaries to the corporation and its shareholders, and are generally required to exercise the duties of care and loyalty with every corporate action. Delaware courts have long led the development of the parameters of these duties, which arise from statutes and vary from state to state.
The Duty of Care
In carrying out day-to-day duties, directors and officers must exercise the care and skill of a prudent person in similar circumstances. While they are not charged with having a requisite level of business acumen, they are required to inform themselves of all information reasonably available before making a business decision, including seeking the advice of professionals or experts. Directors and officers are entitled to rely on information, opinions and reports prepared by attorneys, accountants or other experts, so long as the professional relied upon was selected with care.
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