3.8 Standards of Conduct

• Jurisdiction: Arizona

§ 3.8 Standards of Conduct

A.R.S. §§ 10-3830 to 10-3833 address the legal standards of conduct for directors. A director’s duties must be discharged:

1. In good faith.

2. With the care an ordinarily prudent person in a like position would exercise under similar circumstances.

3. In a manner the director reasonably believes to be in the best interest of the corporation.

In discharging the above duties, a director is entitled to rely on information, opinions, reports or statements, including financial...