Oregon Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association
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FAQ
Duty of loyalty requires HOA board members to act in good faith to promote the best interests of the entire association. HOA board fiduciary responsibility prevents board members from making decisions to further their personal interests. Board members must also avoid an HOA board of directors conflict of interest.
What Makes a Great HOA Board Member?Enjoy volunteering.Are civic-minded.Are positive and optimistic.Exercise fairness.Know that the rules apply to them, too.Take their role seriously.Have a mind for business.Understand that their authority comes as a board, not a board member.More items...?
The three fiduciary responsibilities of all board directors are the duty of care, the duty of loyalty and the duty of obedience, as mandated by state and common law. It's vitally important that all board directors understand how their duties fall into each category of fiduciary duties.
Specifically, fiduciary duties may include the duties of care, confidentiality, loyalty, obedience, and accounting. 5.
Preserve All Board E-mail Just as e-mail sent at your job isn't private, nor is e-mail private when you're communicating with other board members or owners in your capacity as a board member.
There are three ways to help nonprofit organizations deal with rogue board members.Directly communicate with the board member.Hold a special committee session to discuss behavior.Remove the board member, even if it is the Board Chair. No board member is above the mission.
Creating a Code of Ethics for HOA Board MembersCommit Yourself to the HOA.Follow Your Governing Documents and Applicable Laws.Disclose and Avoid Conflicts of Interest.Practice Confidentiality.Never Discriminate.Exhibit Professional Behavior.Always Work Within the HOA's Structure.More items...?
HOA board fiduciary responsibility prevents board members from making decisions to further their personal interests. Board members must also avoid an HOA board of directors conflict of interest. This includes choosing a family-related vendor or voting on issues with a bias.
While the role of a management company is to offer a helping hand, the board should still retain all decision-making tasks. HOA management company duties include assisting with administrative work, executive board decisions, and communicating with residents.
Board of directors have a fiduciary duty to exercise due care in how they manage a corporation's affairs and also have the duty of loyalty and obedience to the corporation.