require fiduciaries to account for any profit obtained for themselves as a result of taking advantage of their trusted positionįiduciary duties exist because misuse of power and authority to represent a principal can seriously compromise the financial position of the principal, its business interests and well-being.make available legal remedies to make good the wrongdoing by the fiduciary.Principals do not owe fiduciary duties to their fiduciary. The duties are owed by the fiduciary to their principal. require the trusted person to act in the business’s best interests first, above their own personal interests.arise when a principal - commonly a business - is legally entitled to expect a trusted person to be on their side and conduct themselves in the best interests of the business, rather than in the person’s own best interests.criminal law, where fines are payable to the State or give rise custodial sentences.negligence, which involves a duty of care and standard of care. ![]()
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