In short: Who are fiduciaries and What responsibilities do they have ? Individuals who hold positions of trust will generally be fiduciaries. This includes directors, senior managers within businesses and partners in professional partnerships. If such individuals breach their fiduciary duties, they risk having their remuneration (potentially including profit share) forfeited. This is in addition to having to pay damages. In other words, a fiduciary is simply someone who undertakes to act on another’s behalf in circumstances giving rise to a relationship of trust and confidence. Examples of fiduciary relationships include those between trustees and the beneficiaries of a trust, and between agents and their principals. Company directors owe fiduciary duties to their companies, as can ordinary employees entrusted with a particular role of trust. However, the position is different for partnership (LLP) members. While LLP members will not ordinarily owe any fiduciary duties to ...