fiduciary responsibility
Legally mandated loyalty
Fiduciary responsibility is the legal and ethical obligation to act in another party's best interest rather than one's own.
It applies to trustees, financial advisors, corporate directors, and others who manage money or make decisions on behalf of someone else.
A fiduciary must avoid conflicts of interest, maintain transparency, and prioritize the beneficiary's welfare: The board violated its fiduciary responsibility by approving the self-dealing transaction.
- investment managementOverseeing financial portfolios professionally
- pension fundPooled retirement investment
- trusteeOne managing another's assets
- legal obligationDuty enforced by law
- loyaltyFaithful commitment to another
contract law · executor · prudence · integrity · accountability · confidentiality · honesty · duty of care · diligence · risk assessment · breach of duty · guardian · professional conduct · financial planning · corporate governance · ERISA · financial advisor · transparency
fiduciary responsibilityself-dealing
Misusing fiduciary position
conflict of interest · embezzlement · misappropriation · disloyalty · exploitation
fiduciary responsibilitybreach of trust
Violation of confidence
betrayal of trust · bad faith · fraud · malfeasance · corruption
fiduciary responsibilitygross negligence
Severe breach of duty
reckless disregard · irresponsibility · negligence · carelessness · imprudence
fiduciary, responsibility, fidelity, faith, faithful, faithfully, faithfulness, faithless, infidel