what are the fiduciary duties of a board member?
6184
Fiduciary duty requires board members to stay objective, unselfish, responsible, honest, trustworthy, and efficient. Board members, as stewards of public trust, must always act for the good of the organization, rather than for the benefit of themselves.
1141598
The CFP Board originally intended to begin enforcing its new code of ethics and standards of conduct in October. The code requires all holders of the CFP designation, including brokers, to act as fiduciaries at all times when offering financial advice.
859730
Typically, the board president's role is to preside over meetings of the board and members, act as a liaison with management, and carry out the directives of the board. A board president's powers are generally limited by the control and direction of the board, which is the governing body for the association."
527623
['Recognise that good governance is not just about compliance. ... ', "Clarify the board's role in strategy. ... ", 'Monitor organisational performance. ... ', 'Understand that the board employs the CEO. ... ', 'Recognise that the governance of risk is a board responsibility. ... ', 'Ensure the directors have the information they need.']
899346
Securing the rights and equal treatment of shareholders. Appropriate co-operation with stakeholders other than shareholders. Ensuring appropriate information disclosure and transparency. Responsibilities of the board.
943088
['Prepare sound financial plans to ensure clients meet their goals.', 'Advise clients on current financial issues and make recommendations.', 'Generate new business and build relationships.']
1393940
By law, the agent under a power of attorney has an overriding obligation, commonly known as a fiduciary obligation, to make financial decisions that are in the best interests of the principal (the person who named the agent under the power of attorney).
46939
Trustees. A trust may have multiple trustees, and these trustees are the legal owners of the trust's property, but have a fiduciary duty to beneficiaries and various duties, such as a duty of care and a duty to inform. If trustees do not adhere to these duties, they may be removed through a legal action.
985930
The person who has a fiduciary duty is called the fiduciary, and the person to whom the duty is owed is called the principal or the beneficiary. If the fiduciary breaches the fiduciary duties, he or she would need to account for the ill-gotten profit. The beneficiaries are typically entitled to damages.
1037562
(a) Those charged with governance – The person(s) or organization(s) (for example, a corporate trustee) with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes overseeing the financial reporting process.
361929
Stockbrokers' primary duty is to execute trades, achieving best execution, on behalf of clients. Financial advisors give out general and specific financial advice for a fee and may manage client assets and portfolio construction.
1065075
The board of directors of an incorporated, non-profit organization is legally responsible for the governance of the organization. Within that mandate is the expectation that the board will develop, implement and monitor policies that will allow the organization to carry out its work.
396879
Specifically, Directors can be held personally liable based on three fiduciary duties: the duty of care, the duty of loyalty, and the duty of obedience. Unfortunately, many board members seem to be unaware of their fiduciary responsibilities for the organization for which they volunteer.
152611
Investment advisors have a fiduciary duty to their clients, which means an advisor has a duty of good faith to act in the best interests of the client and to make full and fair disclosure of all material facts, particularly where the advisor's interests may conflict with the client's.
1103817
['determining and implementing policies and making decisions.', 'preparing and filing statutory documents with the Companies Office or other agencies.', 'calling meetings, including an annual meeting of shareholders.', 'maintaining and keeping records.']
279761
Under the U.S. legal system, a fiduciary duty is a legal term describing the relationship between two parties that obligates one to act solely in the interest of the other. ... The fiduciary must knowingly accept that trust and confidence to exercise his expertise and discretion to act on the client's behalf.
612528
Board members are the fiduciaries who steer the organization towards a sustainable future by adopting sound, ethical, and legal governance and financial management policies, as well as by making sure the nonprofit has adequate resources to advance its mission.