Hawaii Nonprofit - Conduct Policies for Board Members
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Three fiduciary duties every corporate officer and director... Duty of good faith. Officers and directors must always act in the best interests of the corporation. ... Duty of care. Corporate leaders must handle business affairs with the same level of care they would in their own personal dealings. ... Duty of loyalty.
The basics Just as for any corporation, the board of directors of a nonprofit has three primary legal duties known as the ?duty of care,? ?duty of loyalty,? and ?duty of obedience.?
When you agree to serve on a nonprofit organization's board, you assume a number of responsibilities to the organization and a series of fiduciary duties (legal obligations) on its behalf. Specifically, a director is obligated to fulfill three primary fiduciary duties ? loyalty, care and obedience.
This Code is intended to focus Board Members on areas of ethical risk, provide guidance to help them recognize and deal with ethical issues, provide mechanisms to report unethical conduct, foster a culture of honesty and accountability, deter wrongdoing and promote fair and accurate disclosure and ?nancial reporting.
These values can provide a framework for any board's code of ethics: Selflessness. Board members should make decisions in terms of the public interest. ... Integrity. ... Objectivity. ... Accountability. ... Honesty. ... Leadership.
Hawaii Nonprofit Board Member Requirements The organization structure of your nonprofit in Hawaii MUST include: At least 3 directors not related to each other. An officer who authenticates records of the corporation and prepares meeting minutes.
Specifically, they have to comply with three fiduciary duties: care, obedience and loyalty. If board members understand and embrace these responsibilities, they can fulfill those duties and hold their fellow board members accountable to do the same.
These include: Fraud that is committed by a trustee or an executor. Embezzlement that is carried out by an administrator or executor. Negligent or intentional oversight or investment of assets that were held in a trust or by an estate.
Table of contents Failing to Understand Fiduciary Duties. Failing to Provide Effective Oversight. Deference to the Executive Committee, Board Chair, or the Organization's Founder. Micro-managing Staff. Avoiding The Hard Questions. Insufficient Conflict Management. Lack of Awareness of Laws Governing Tax-Exempts.
Board members should be as open as possible about all the decisions and actions they make. They should give reasons for their decisions and restrict information only when the wider public interest clearly demands it. Honesty.