Two relevant Wikipedia links: http://en.wikipedia.org/wiki/Fiduciary http://en.wikipedia.org/wiki/Fiduciary http://en.wikipedia.org/wiki/Board_of_directors htt

Two relevant Wikipedia links: http://en.wikipedia.org/wiki/Fiduciary http://en.wikipedia.org/wiki/Fiduciary http://en.wikipedia.org/wiki/Board_of_directors http://en.wikipedia.org/wiki/Board_of_directors Summary of fiduciary duty as I understand it (IANAL): An agent has a responsibility to act in his or her client's best interest. An example is a trust, which is obligated to act in the financial best interests of the beneficiary. I believe a lawyer's duty to the client and a doctor's duty to the patient are similar. In the case of a board of directors, they have a legal responsibility to act in the best interest of the shareholders.