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Board receives fiduciary‑duty and conflict‑of‑interest refresher, counsel highlights Form 700 and Gov. Code §1090 risks
Summary
Counsel and the board’s fiduciary consultant gave a refresher on loyalty and care duties, the 'one‑hat' rule, and California conflict rules including the Political Reform Act and Government Code §1090; counsel advised early disclosure, recusal procedures and that certain conflicts can carry civil or criminal penalties.
Counsel and the board’s fiduciary consultant provided a training session on fiduciary responsibilities and conflicts of interest, emphasizing practical do’s and don’ts for trustees.
Key points: presenters reviewed the duties of loyalty and care, the board’s duty to prioritize plan members and beneficiaries, and the requirement to diversify and prudently manage…
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