West Virginia Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association
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FAQ
Specifically, fiduciary duties may include the duties of care, confidentiality, loyalty, obedience, and accounting. 5.
Three Key Components to the Fiduciary Duty of LoyaltyCorporate Opportunity. The corporate opportunity doctrine prohibits a corporate director from usurping corporate opportunities for personal gain.Interested Transactions.Confidentiality.
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...?
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.
The directors are elected by the members of the association to serve for specific terms that are contained in the association's bylaws, and the officers are elected by, and serve at the pleasure of, the board of directors. Thus, the officers can be removed and replaced at any time by action of the board.
Recusal. After identifying a conflict, an involved board member should recuse him or herself from any voting in the issue, as well as refrain from participation or presence in the room when remaining board members discuss the issue. No exceptions. Rules must apply equally to all members, including those on the board.
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.
A fiduciary has control over another individual's money, property, or person, and has a duty to always act on that person's behalf in a loyal, honest, and trustworthy manner. A fiduciary must put the individual's needs, goals, and benefit ahead of their own by virtue of their position.
What are the three fiduciary duties? The three fiduciary duties board members of an HOA should uphold are the Duty of Care, the Duty of Loyalty, and the Duty to Act Within the Scope of Their Authority.