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Fiduciary Training Can Mitigate Liability for Individuals & Organizations

Who is a fiduciary?

Fiduciaries are not labeled only by one title, but more-so by their roles in the administration of a business plan. A fiduciary is any person whom property or power is entrusted to for the benefit of the business, and has discretionary control over the business’ plans or investments.  This can include all shareholders, executives, in house council, and all informal committee members.

*Note: Any person(s) acting as an independent or contracted advisor that provides advice is considered a fiduciary and can also be held liable.

Setting up training programs can help an organization understand who their fiduciaries are, what their legal responsibilities are, how to establish prudent procedures, how to document decisions, and how to select prudent investments.

Individuals and companies risk liability when there is a lack of awareness of their role and in turn can be held personally liable for criminal and civil penalties. All fiduciaries once identified, should be aware of all their legal responsibilities, and know how correctly document information. Developing a prudent procedural and documentation process is a critical component of fiduciary training. Training should provide the framework for documentation and leave the specifics up to the organization.

Contact our HUB Professional Team for more information on Fiduciary Liability

Who is a fiduciary?

Fiduciaries are not labeled only by one title, but more-so by their roles in the administration of a business plan. A fiduciary is any person whom property or power is entrusted to for the benefit of the business, and has discretionary control over the business’ plans or investments.  This can include all shareholders, executives, in house council, and all informal committee members.

*Note: Any person(s) acting as an independent or contracted advisor that provides advice is considered a fiduciary and can also be held liable.

Setting up training programs can help an organization understand who their fiduciaries are, what their legal responsibilities are, how to establish prudent procedures, how to document decisions, and how to select prudent investments.

Individuals and companies risk liability when there is a lack of awareness of their role and in turn can be held personally liable for criminal and civil penalties. All fiduciaries once identified, should be aware of all their legal responsibilities, and know how correctly document information. Developing a prudent procedural and documentation process is a critical component of fiduciary training. Training should provide the framework for documentation and leave the specifics up to the organization.

Contact our HUB Professional Team for more information on Fiduciary Liability

Phaedra AndrusiakBSc, LL.B
Account Manager, Executive Liability
T: 604-269-1771
E: phaedra.andrusiak@hubinternational.com

HUB International PROFESSIONAL specialists are based in Vancouver. Our longstanding relationships with the best providers in the business allow us to deliver the solution that serve you best. With HUB, you can run your business knowing that you are headed in the right direction.

Original article source: Fiduciary Training Can Mitigate Liability for Individuals and Organizations

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