Breach of Fiduciary Duty
Not only for board members that vote “Yes” but attorneys and board members who vote “No”
The panel discusses the legal liability of just knowing your fellow board members, even with approval from your association attorney are breaching fiduciary duty.
Your “no” vote may not be enough to keep you out of legal peril when your board takes action that violates the board’s duty to the association. This gets particularly complicated when these actions fall under your responsibility to keep certain board business confidential.
There are scenarios when the majority of the board, overrides the minority and instructs the association attorney to take action the minority board and attorney perceives as unadvisable or even unethical. This session will also discuss the obligation of association attorney’s to follow the instructions of boards, even when it may counteract the attorney’s advice.