Fiduciary Responsibilities of Association Directors [VIDEO]

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Fiduciary Responsibilities of Association Directors [VIDEO]

Written by Posted On Sunday, 12 April 2020 05:00

Along with the honor of serving on the Board of an Association’, Directors need to fully understand the responsibilities that come along with that leadership position. Those responsibilities are commonly known as Fiduciary Duties. The classic definition of “fiduciary” is a relationship that implies a position of trust and confidence.

As part of her training of Association leadership across the country, Adorna has created a series of videos entitled “The Leadership Puzzle.” In the following segment, Adorna focuses on what the “fiduciaries” are all about. If followed, they can help insulate the directors from personal liability. However, breaching those duties can risk creating personal liability.

Adorna outlines the fiduciary duties of:

• Obedience
• Loyalty
• Disclosure
• Confidentiality
• Accounting
• Reasonable Care

To wrap up this segment, Adorna says: “As you review these fiduciary duties in detail, there will be some Aha! moments; there certainly were for me!”