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Fiduciary duty
This is the duty of the trustee or agent (including directors of companies, who are agents of the company by virtue of their position as directors) to act in the interests of those he represents.
The existence and exact scope of any fiduciary duty depends on the situation.
In general, fiduciary duties include a duty:
- not to make a secret profit,
- not to put oneself in a position where a conflict of interest may arise,
- not to sub-delegate; and
- to act in good faith.
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