Correct. I read the whole thread to jump in at the end to say this. 
That is the basic Business Judgment Rule. As long as what you are doing is reasonable to promote the health of the on-going enterprise, then a court will not invalidate your actions, nor would your actions be considered a breach of a fiduciary duty to shareholders. Yes, the reason for the corporation is to make money for the shareholders. Period. But the idea that a CEO or the board must do absolutely everything (even legal things) to maximize every penny for shareholder wealth is an improper extension of that fact.
There are short term and long term strategies. Many circumstances would dictate that a policy might forego some short term wealth for greater returns in the long term. There is also the idea that part of being a corporation is to act like responsible citizens and participate in local charities, little league teams, and the like, just like society expects but does not require of good citizens.
It not only promotes good will among customers, but says that we are acting like good, responsible citizens, giving back to the community we live in. I think Milton Freedman disputed that idea, but it is a reasonable one. And one I think certainly wouldn’t subject the CEO or the board to a lawsuit.
ETA: Likewise, if the board said “Fuck the Boy Scouts and the Little League team, we want $$$$money$$$!!!” it would also be a proper business judgment.