The board of directors' fiduciary duty to a company means they have assumed a position of trust and confidence that entails certain responsibilities.​

The statement is true. Fiduciary duty refers to the legal obligation of the board of directors to act in the best interest of the company and its shareholders, and to exercise care, loyalty, and good faith in making decisions and carrying out their duties. This duty arises from the trust and confidence placed in them by the owners of the company.