Holland v. American Founders Life Ins. Co., 151 Colo. 69, 376 P.2d 162, 165 (Colo. 1962) (quoting 19 C.J.S. Corporations, ยง 764, p. 114) (emphasis added). See Bowers v. Rio Grande Investment Co., 163 Colo. 363, 431 P.2d 478, 480 (Colo. 1967); Swafford v. Berry, 152 Colo. 493, 382 P.2d 999, 1001-02 (Colo. 1963).
The directors of a corporation owe fiduciary duties to the corporation and to the shareholders of the corporation. Bowers v. Rio Grande Inv. Co., 163 Colo. 363, 368, 431 P.2d 478, 480 (1967). The tort of breach of fiduciary duty may be based on negligent conduct.