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Board receives refresher training on fiduciary duties, delegation and conflicts of interest
Summary
Legal counsel provided a refresher covering five constitutional fiduciary duties, the primacy of duty of loyalty, duty of prudence and the board’s duty to delegate and to monitor delegates; trustees discussed delegation, manager selection and monitoring obligations.
The board received an annual fiduciary training focused on constitutional fiduciary duties, the practical meaning of loyalty and prudence, and guidance on delegation and monitoring.
The presenter said five core fiduciary duties govern public retirement boards: the duty of loyalty (primary), the exclusive‑benefit rule, the duty of prudence (a heightened standard), the duty to diversify and the…
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