Which one of the following is an example of breach of fiduciary duty?
a. The directors of the company refuse to give a pay raise to the employees although they had not received a pay raise for five years.
b. A director profited $120,000 from a contract between the company and a firm in which he had an interest after he made full disclosure of his interest to the board of directors and abstained from the vote on the contract.
c. An officer of the company learned of a business opportunity intended for the company and intercepted it for his own benefit.
d. The directors refused to declare a dividend contrary to the request by its preferred shareholders.
e. A shareholder owning 2% of the outstanding shares started a business in direct competition with the company in which he held shares.