CHAPTER 2

Fiduciary Responsibilities

While serving as a trustee, you will have many different responsibilities—some that you are probably aware of and others that you are not. Ultimately as a trustee your primary responsibility rests with ensuring the best interests of the organization and/or stakeholders. Depending on the organization, these stakeholders will vary.

For example, if you sit on a hospital board there may be multiple pools of assets, each with their own stakeholders. One set of stakeholders may be the participants in the hospital’s pension plan, while the operating fund may have an entirely different set of interests. Alternatively, you could be on a local university board where an endowment was established to provide students ...

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