Fiduciary

Full Title or Meme

A Fiduciary is someone who manages money or other property for someone else. When you're named a fiduciary and accept the role, you must – by law – manage the person's property for their benefit, not yours.

Duties

The five fiduciary duties are:

1. Duty of loyalty: Fiduciaries must act in good faith and put the interests of the business or corporation first, above their own personal interests.
2. Duty of care: Fiduciaries accept legal responsibility for the care they provide.
3. Duty of confidentiality: Fiduciaries must keep confidential any information that could weaken the principal's bargaining position.
4. Duty of good faith: Fiduciaries must act with honesty, good faith, and fairness when handling corporate obligations.
5. Duty of obedience: Fiduciaries must carry out the organization's mission.