The Forum > General Discussion > Fiduciary Responsibility and Conflict of Interest
Fiduciary Responsibility and Conflict of Interest
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A fiduciary relationship is where one person (the fiduciary) undertakes to act for another (the principal), and in doing so, must place the principal's interests ahead of its own. A fiduciary has duties to his client. They include
Not to place oneself in a position of conflict of duties relating to the principal and the fiduciary’s interests;
Not to make a profit out of the principal’s trust;
Not act for one’s own benefit or the benefit of third parties, without the consent of the principal.
A conflict of interest (COI) is a situation in which a person or organization is involved in multiple interests, one of which could possibly corrupt the motivation of the individual or organization.
A union that has sole negotiating rights on behalf of workers has a clear fiduciary duty. And taking money from the party with whom the union is negotiating with on behalf of the workers is a clear breach that is nothing short of corruption.
I can't help but notice that the coalition is moving to reintroduce its legislation to re establish the ABCC and move to stamp out corruption in the unions. If this gets blocked in the senate again, it forms a trigger for a DD election based on union corruption, timing this with negative findings on Shorten would be a disaster for Labor and partially for the Greens.