Common use of Application of General Fiduciary Principles to FRIAA Board Committee Members Clause in Contracts

Application of General Fiduciary Principles to FRIAA Board Committee Members. Members of FRIAA’s Board Committees play an important role in FRIAA by providing advice to the Board of Directors on the programs administered by FRIAA. Members of FRIAA’s Board Committees may be entrusted with information which is confidential to FRIAA and will be expected to provide advice to the Board of Directors based upon that confidential information. Members of FRIAA’s Board Committees may be delegated responsibility for making certain decisions by the Board of Directors. In all matters, generally, members of FRIAA’s Board Committees will have a high level of responsibility to FRIAA. Members of FRIAA’s Board Committees also stand in a fiduciary relationship to FRIAA. Board Committees are established by the Board of Directors. Membership on Board Committees is determined by the selections made by those organizations described in the bylaws of FRIAA. Individual members stand in a fiduciary relationship to FRIAA. As fiduciaries, individual members of Board Committees must conduct themselves accordingly. Committee members must not consider themselves to be representatives of the organization with which they may be affiliated as to do so would be inconsistent with the duty of loyalty each of them owes to FRIAA. The guidelines which govern the conduct of Directors apply with equal force to individual members of Board Committees.