1. CBB Fiduciary Responsibilities
“More than just an honorary position.”

2. Fiduciary Responsibilities
Role of a Board member is more than just an honorary position
Active involvement
Participation

3. Fiduciary Responsibilities
Board members occupy a position of trust and confidence. As a result, they have a “fiduciary” relationship to the Board

4. Fiduciary Responsibilities
A “fiduciary” is a person who is required to act in scrupulously good faith, and primarily in the interest of another
Members of the Beef Board and QSBCs must act in the general interests of the beef industry and not in his/her own interest or that of industry segments

5. Fiduciary Responsibilities
When a member has a personal interest in a matter being considered by the Board, he/she should not vote on the question

6. Fiduciary Responsibilities
Business Judgment Rule:
So long as members conduct business of Beef Board or QSBC in accordance with their fiduciary responsibilities, they remain free from personal liability

7. Fiduciary Responsibilities
Board members are liable for:
Acts of dishonesty
Willful misconduct
Gross negligence

8. Fiduciary Responsibilities
Board members are bound to care for Board property and conduct and manage its affairs in good faith, and for a violation of these duties, resulting in waste or a reduction of Board assets, they can be held accountable