The Role of Olivia as a Director of Property Managers Inc

What is Olivia's role as a director of Property Managers Inc?

By being a director of Property Managers Inc, what specific responsibilities does Olivia have?

Olivia's Role as a Director

As a director of Property Managers Inc, Olivia holds a crucial position within the corporation. What does this entail?

Olivia, as a director of Property Managers Inc, plays a significant role within the organization. As a director, Olivia is considered a fiduciary with respect to the corporation.

A fiduciary is a person or organization that acts on behalf of another person or people, prioritizing the interests of their clients over their own, and has a responsibility to uphold trust and good faith. As a result, one must be legally and morally obligated to act in the other party's best interests to be a fiduciary.

A fiduciary may be in charge of someone else's general well-being (like a child's legal guardian), but their job often involves managing someone else's or a group of people's assets. Fiduciary responsibilities apply to money managers, financial advisors, bankers, insurance agents, executors, board members, and corporate officers.

The responsibilities and obligations of a fiduciary are legal and ethical. When a party willingly accepts a trustee obligation on behalf of another party, they are expected to act in the best interests of the principal (i.e., the client or party whose assets they are managing). This is known as a "prudent person standard of care," a standard that originally stems from a 1830 court ruling.