Fiduciary Responsibility Board Of Directors
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FAQ
Failure by one director to dutifully perform her tasks is liable to affect other directors. The successful operation of boards is predicated, in other words, on a system of trust. It stands to reason, therefore, that directors should owe each other a fiduciary duty.
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.
Fiduciary duty requires board members to stay objective, responsible, honest, trustworthy, and efficient. They are expected to exercise reasonable care in all decision-making and avoid placing the organization under unnecessary risk.
Specifically, they have to comply with three fiduciary duties: care, obedience and loyalty. If board members understand and embrace these responsibilities, they can fulfill those duties and hold their fellow board members accountable to do the same.
The most important fiduciary duty is the duty of loyalty. The concept is simple: the decision makers within the company should act in the interests of the company, and not in their own interests. The easiest way to comply with this duty is not to engage in transactions that involve a conflict of interest.