information that would not normally be revealed. The fact that services cannot be provided unless clients are willing to cooperate, does not change the fundamental power imbalance (Gutheil, T. G., & Gabbard, G. 1998). Therefore, the therapist has a fiduciary duty to act in the best interest of the client, and is ultimately responsible for managing boundary issues and is therefore, accountable should violations occur (Gutheil, T. G., & Gabbard, G. 1998). Given the power imbalance that is inherent in the
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MGSC30 / LEC01 / Summer 2015 The Legal Environment of Business I MIDTERM Instructions: This midterm has four pages and there is one long case question. You will have one hour and fifty minutes to complete the work. No additional aids are allowed or in any way required. The University of Toronto's Code of Behaviour on Academic Matters applies to all University of Toronto Scarborough students. The Code prohibits all forms of academic dishonesty including, but not limited to, cheating,
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or advantage from their position which is not shared by all the stockholders. The maxim of the civil law applies without limitation or restriction to their relation to the corporate property and business. [Corporate directors] occupy a strictly fiduciary relation to the stockholders and are accountable to them on principles governing that relationship.
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of the loan amount upon the sale of Bob’s planes. The bank is now responsible for a debt of $150,000.00 that they will not be able to recover. Due to this debt, the shareholders of ManBank file a derivative lawsuit against Joan for breach of her fiduciary duty of care. The issue is to determine if Joan’s conduct is protected under the Business Judgment Rule (herein referred to as, BJR), thus, determining if Joan should be held liable for the company’s debt. As outlined in the NPC courseware
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corporation’s law in Australia has made this duty onerous. According to the common law, the duties of the directors are duty of care and the duty of loyalty. In the duty of loyalty, the directors should maintain the fiduciary relationship with the company in order to follow the fiduciary duties accompanied by them. The main objective of this duty in equity is to act for corporate purposes, to act in good faith in the best interests of company and to avoid conflicts of interests . The duty of care
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A review of corporate governance in UK banks and other financial industry entities: the role of institutional shareholders Robert A. G. Monks Robert A. G. Monks, in his article ‘A review of corporate governance in UK banks and other financial industry entities: the role of institutional shareholders’, states that the problem with the British and American corporate governance system is that the majority of the shareholders, both institutional and individual, do not act as owners. The aim of
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Faizah Binti Hamzah Were there any abuses of power by the management and breach of fiduciary on the part of the director? According to Section 132(1) Company Act 1965, a director shall at all times act honestly and use reasonable diligence in the discharge of the duties of his office. In this matter the answer is yes, there’s an abuse of power by the management and breach of fiduciary duty of director. A fiduciary is someone who is in control of property in which others have an interest, or is given
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Auditors. Were there any abuses of power by the management and breach of fiduciary on the part of the director? Yes, there are abuses of power by the management and breach fiduciary on the part of the director. Under Section 132(1) of the Companies Act 1965 state that a director of a company shall at all time exercise reasonable care, skill and diligence. Director who are appointed as an agent of a company have a fiduciary duties towards the company which include duty to act bona fide in the interest
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by the company to analyze and provide the Auditors with the necessary clarifications and documentations. 2.0 Introduction 3.0 Analysis of the issues and recommendation Were there any abuses of power by the management and breach of fiduciary on the part of the directors from the legal perspective? Under Section 4 Companies
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the selection of a new CEO, in the process of choosing the successor XYZ should make sure that they are aware of roles of the board, and how they must work with the board in order to achieve success for the corporation. The Board must keep the fiduciary duties in mind in future actions. Acting responsibility on behalf of the shareholders of the company and focusing on the best interest of the company at all times. . The shareholders’ interests are the primary goal and the Board must take action
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