This is the most toxic of urban legends. Fiduciary duty to shareholders means acting in the interests of the company rather than your own. There is no duty to maximise profits against all morals.

See https://www.law.cornell.edu/wex/fiduciary_duty

That that is exactly why [more] regulation is necessary!

Regulation is not done with the purpose of preventing companies from profits. It is done because companies cannot be expected to act in society’s best interest, so society has to make demands of companies, ie regulation.

> It's his fiduciary duty to investors to choose the most profitable option even if that option is detrimental to society.

Do you realize how insane this sounds?