thanks for showing what the word fiduciary meant in your words..
but here it is in real definaiion
What is a 'Fiduciary'
Essentially, a fiduciary is a person or organization that owes to another the duties of good faith and trust. The highest legal duty of one party to another, it also involves being bound ethically to act in the other's best interests. A fiduciary might be responsible for general well-being, but often it involves finances – managing the assets of another person, or of a group of people, for example. Money managers, bankers, accountants, executors, board members, and corporate officers can all be considered fiduciaries.
Board Member/Shareholder
A similar fiduciary duty can be held by corporate directors, seeing as they can be considered trustees for stockholders if on the board of a corporation, or trustees of depositors if service as director of a bank. Specific duties include:
the duty of care, which applies to the way the board makes decisions that affect the future of the business. The board has the duty to fully investigate all possible decisions and how they may impact the business; If the board is voting to elect a new CEO, for example, the decision should not be made based solely on the board's knowledge or opinion of one possible candidate; it is the board's responsibility to investigate all viable applicants to ensure the best person for the job is chosen.
the duty to act in good faith. Even after it reasonably investigates all the options before it, the board has the responsibility to choose the option it believes best serves the interests of the business and its shareholders.
the duty of loyalty. This means the board is required to put no other causes, interests or affiliations above its allegiance to the company and the company's investors. Board members must refrain from personal or professional dealings that might put their own self-interest or that of another person or business above the interest of the company.
If a member of a board of directors is found to be in breach of his fiduciary duty, he can be held liable in a court of law by the company itself or its shareholders.
OMVS/RAD so what is lacking, transparency
