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Fiduciary Responsibility of Affiliate Officers
Your affiliate's volunteer leaders are fiduciaries. A fiduciary is an individual that is held to a certain level of confidence or trust. This status is similar to a trustee in that it requires volunteer leaders to act for the good of others. Fiduciaries must set aside their own agendas to pursue an agenda that benefits the group rather than the individual.
Each volunteer, by assuming a leadership position, is charged with fiduciary responsibility. Fiduciary responsibility consists of 3 basis duties.
- Duty of Diligence. Volunteers must act with the care that a reasonably prudent person in a similar position would use under similar circumstances. They must perform their duties in good faith and in a manner they reasonably believe to be in the best interest of their affiliate and its members.
- Duty of Loyalty. Volunteer leaders are required to refrain from engaging in personal activities which would take advantage of the affiliate. They are prohibited from using their position of trust and confidence to further their private interests.
- Duty of Obedience. Volunteer leaders are required to perform their duties in accordance with applicable laws and the terms of both the ISM national and affiliate bylaws.