The decision followed a New York Times report this month that G.M. had, for years, been sharing data about drivers’ mileage, braking, acceleration and speed with the insurance industry. The drivers were enrolled — some unknowingly, they said — in OnStar Smart Driver, a feature in G.M.’s internet-connected cars that collected data about how the car had been driven and promised feedback and digital badges for good driving.
If the article link contains a paywall, you can consider reading this alternative article instead: ‘GM Stops Sharing Driver Data With Brokers Amid Backlash’ on Ars Technica.
Thank you! I didn’t realize it was more nuanced than that. I thought simply they were charged with maximizing profit. It doesn’t seem to be an actual requirement to do so.
Fiduciary duty as a search term should get you a lot more information.
The “short term profit” argument is one certain types of investors like to push, but it’s not really supported by anything and it’s very often not actually in the interest of the majority of shareholders.