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Governance

Fiduciary Duty

The legal obligation of board members to act in the best interest of the association and its members. Fiduciary duty encompasses the duty of care (making informed decisions), duty of loyalty (avoiding conflicts of interest), and duty to act within authority. Breach of fiduciary duty can expose individual board members to personal liability.

Related Terms

Duty of CareDuty of LoyaltyConflict of InterestBoard of Directors

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