Sure, in some sense Larry has a responsibility to maximize shareholder value. But he has significantly more freedom than many CEOs do in how to approach that goal.
"Google is not a conventional company. We do not intend to become one. ... Therefore, we have implemented a corporate structure that is designed to protect Google's ability to innovate and retain its most distinctive characteristics. ... The main effect of this structure is likely to leave our team, especially Sergey and me, with increasingly significant control over the company's decisions and fate. ... We believe strongly that in the long term, we will be better served-as shareholders and in all other ways-by a company that does good things for the world even if we forgo some short term gains."
"Google is not a conventional company. We do not intend to become one. ... Therefore, we have implemented a corporate structure that is designed to protect Google's ability to innovate and retain its most distinctive characteristics. ... The main effect of this structure is likely to leave our team, especially Sergey and me, with increasingly significant control over the company's decisions and fate. ... We believe strongly that in the long term, we will be better served-as shareholders and in all other ways-by a company that does good things for the world even if we forgo some short term gains."
-- http://investor.google.com/corporate/2004/ipo-founders-lette...