The Director As Trustee

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Abstract
Over two centuries ago, in the first reported case of its kind, Lord Hardwicke held the “committee-men” or directors of the Charitable Corporation guilty of “breaches of trust,” for which they had to account to the corporation. The concept of the director as a trustee persists through the cases and the textbooks to this day, but its origin is ill-explained and its modern relevance imperfectly understood. Why is the director called a trustee? Is it because he once was a trustee in the full technical sense? In what respects does the position of a director resemble, and in what respects does it differ from that of a trustee? How far has the law acknowledged these differences? Is the law, in so far as it is based on trust principles, adequate to ensure the proper discharge by directors of their responsibilities?

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