Toby was elected to the board of trustees of the Chi-Town Corporation (CTC) four years ago. He loves to brag about his position as a board member, but he cares more about the prestige than doing a good job. As a member of the board at CTC, Toby serves on several committees. However, although the board and all of the committees meet on a regular basis, Toby has never attended any of these meetings and doesn't participate in any board decisions. If the insiders at CTC enter into a series of bad business deals that cause CTC to suffer a financial loss, what is Toby's potential liability?

Question

06-11-2019
Business

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Toby was elected to the board of trustees of the Chi-Town Corporation (CTC) four years ago. He loves to brag about his position as a board member, but he cares more about the prestige than doing a good job. As a member of the board at CTC, Toby serves on several committees. However, although the board and all of the committees meet on a regular basis, Toby has never attended any of these meetings and doesn't participate in any board decisions. If the insiders at CTC enter into a series of bad business deals that cause CTC to suffer a financial loss, what is Toby's potential liability?

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NeuroTravel NeuroTravel · Answer 1 · 2019-11-20T13:52:02+01:00

Answer:

As a cause of the actions carried out by Toby, he is considered to have done a negligent job due to his lack of commitment to his work and has breached his obligations as a care fiduciary.

Explanation:

When talking about the fiduciary duty, it refers to the person who has been designated as responsible for the clients' resources. The fiduciary has the legal power to act on behalf of his client, but he must execute the actions where his client is not affected.

When a fiduciary fails to comply with the duty of his obligations, it can lead to the payment of various fines for the damages caused to his clients and be removed from his position as a fiduciary.

I hope this information can help you.

alinakincsem alinakincsem · Answer 2 · 2019-11-22T15:04:19+01:00

Answer:

Toby was elected as the member of trustees of the board of Chi-Town Corporation. Even though he was part of such an important committee, he neglected his job description and the duties that were part of his duties.

If CTC gets into trouble or falls into a bad decision, Toby would have exactly the same percentage of mistake as the others due to his negligent behavior regarding board meetings where these decisions took place.

If he had attended, maybe the decisions would have been different. Therefore he is as liable to the bad decision as are the other board members.