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Fiduciary duty is a legal requirement imposed on Board of Directors by statute, i.e., HRS 514B-106. This means that decisions and actions by Condo Board members must be done in the best interest of the association and not in their own self-interest. Because condo Board Members can be sued for breach of their fiduciary duties to the Association, there are consequences – mostly financial consequences – for failure of board members do fail to comply with their statutory duty and that what we will be talking about, i.e., what is “fiduciary duty”, how does it apply to board members, what is the “Business Judgment Rule? How can a board member comply with their statutory duty; what are the consequences for non-compliance, how can you protect yourself if other board members do not comply with the statute.
The host for this episode is Cheryl Franklin. The guest for this episode is Yuriko Sugimura.
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