A Relational Theory of Fiduciary Accountability

Abstract

Believing that the law of fiduciary accountability lacks coherent definition, various active writers have sought to provide that definition. Their analyses, however, are misinformed or misconceived. The consequence is that the fiduciary literature continues to be a source of obfuscation, rather than illumination. Here I examine the attempt of one writer to frame the law in what he describes as a ‘relational’ theory. I discuss the diverse misconceptions that impair his work.

Keywords: fiduciary theory, fiduciary, duty of loyalty, opportunism risk