boardman v phipps criticismkelly services substitute teacher pay orange county

In the present case, as the purchase of the shares was entirely out of the question, Regal Hastings was said to be inapplicable. Boardman v Phipps [1967] Where an individual is in the position of agent for trustees, any knowledge acquired in such a position is trust property. S;70[`J)LQ,ecX_LK,*q3>~ B=eA* Constructive trusts, unjust enrichment, tracing 2010 Cases, Written by Oxford & Cambridge prize-winning graduates, Includes copious academic commentary in summary form, Concise structure relating cases and statutes into an easy-to-remember whole. If the agent has been guilty of any dishonesty or bad faith, or surreptitious dealing, he might not be allowed any remuneration or reward. BOARDMAN and Another v. PHIPPS Viscount Dilhorne Lord Cohen Lord Hodson Lord Guest Lord Upjohn. The House of Lords maintained the strict rule that historically equity has imposed on a fiduciary. Proprietary relief in Boardman v Phipps 3 the trustees, although Ethel, who suffered from senile dementia, took no active role in the trust affairs at the material time. O(Grx+Q_[%Dm%|(Dy m%Cn(Dy(o%~(Jg(Q[tJD|(R(GIAK(xRph1%Z'-Y!bO-FDY b<9hHJO-F?!b<98HO-F!b-f b. A testator le ft 8000 shares (a minority share holding) of a private company in . Boardman, the way. The residuary estate included 8000 shares in J.ester & Harris Ltd., an underperforming private company with issued share capital of 3l),000 1 ordinary shares. Oxbridge Notes is operated by Kinsella Digital Services UG. Boardman V Phipps - Judgment - House of Lords House of Lords The majority of the House of Lords (Lords Cohen, Guest and Hodson) held that there was a possibility of a conflict of interest, because the solicitor and beneficiary might have come to Boardman for advice as to the purchases of the shares. The trust benefited by this distribution 47,000, while Boardman and Phipps made 75,000. Current issues of the journal are available at http://www.journals.cambridge.org/clj. &Thb;ynxP\ -|tLo9sRx[8-a5& 'vd `f@). The majority of the House of Lords (Lords Cohen, Guest and Hodson) held that there was a possibility of a conflict of interest, because the solicitor and beneficiary might have come to Boardman for advice as to the purchases of the shares. Such persons will, however, be entitled to payment on a liberal scale for their work and skill. Society member access to a journal is achieved in one of the following ways: Many societies offer single sign-on between the society website and Oxford Academic. Boardman v Phipps (1967) was a classic illustration of the principles set out in Lord Russell's statement. Another beneficiary (P) claimed conflict of interest and demanded her share of the profit, because of S fiduciary role. Cambridge University Press is committed by its charter to disseminate knowledge as widely as possible across the globe. If you are a member of an institution with an active account, you may be able to access content in one of the following ways: Typically, access is provided across an institutional network to a range of IP addresses. Flower; Graeme Henderson). my lords. Therefore, Boardman was speculating with trust property and should be liable. law since Boardman v Phipps. They bought a majority stake. Request Permissions, Editorial Committee of the Cambridge Law Journal. Name of Case. For more information, visit http://journals.cambridge.org. Lord Cohen said the information is not truly property and it does not necessarily follow that, because an agent acquired information and opportunity while acting in a fiduciary capacity, he is accountable. The institutional subscription may not cover the content that you are trying to access. View your signed in personal account and access account management features. He and a beneficiary, Tom Phipps, went to a shareholders' general meeting of the company. The Trustee (T) refused to let them invest on behalf of the trust. In the present case, as the purchase of the shares was entirely out of the question, Regal Hastings was said to be inapplicable. ), Rang & Dale's Pharmacology (Humphrey P. Rang; James M. Ritter; Rod J. His Lordship distinguished Regal (Hastings) v Gulliver by restricting Regal Hastings to circumstances concerned with property of which the principals were contemplating a purchase. Boardman and Tom Phipps, a beneficiary of the trust, attended a general meeting of the company. endobj Each issue also contains an extensive section of book reviews. The strict liability of fiduciaries has been the subject of criticism on the grounds that Is it a conflict? Therefore the agent must account to the trust for any profit made out of the position. 2011 Editorial Committee of the Cambridge Law Journal in Aberdeen Railway v. Blaikie, 136 where he said: "And it is a rule of universal application, that no one, having such duties to discharge, shall be allowed to enter into engagements in which he has, or can have, a personal interest conflicting, or which possibly may conflict, with the interests of those whom he is bound to protect. A fiduciary shall not profit from his position, Appeal dismissed; the defendants were liable to account for the shares and profits to the trust beneficiaries, but the liberal allowance was maintained, A fiduciary agent has to account to for any profits acquired by reason of the his fiduciary position and the opportunity or knowledge resulting from it, even if the principals could not have made the profits themselves with such opportunity or knowledge, unless the principal has given his informed consent, The profits will be held on constructive trust for the principal by the fiduciary agent, but the board may make allowance to the fiduciary agent for expenditure and work expended to acquire the profit, The defendants, Boardman and another, were acting as solicitors to the trustees of a will trust, and therefore were fiduciaries but not trustees, The trustees were minority shareholders in a private company which was being inefficiently managed, Boardman and one of the beneficiaries under the trust, in good faith, personally financed the purchase of a controlling interest in the company, in order to reorganise it to the benefit of the trust holding, Both the personal and trust holdings increased in value as a result of the reorganisation; one of the other beneficiaries therefore sought an account of the personal profits made by the defendants, Wilberforce J, in the High Court, held that the defendants were liable to account for the profit less the money spent on realising that profit; but at the same time made a liberal allowance for the work put in to realise that profit, The defendants appealed to the Court of Appeal, who dismissed their appeal; they subsequently appealed to the House of Lords. Priority of trustees indemnity inter se: pari passu or first in time priority? Viscount Dilhorne and Lord Upjohn (DISSENTING): A COI only arises and renders a fiduciary liable to account for profits made where a reasonable man, looking at all the relevant circumstances, would conclude that there was a real, sensible possibility of conflict of interest, which was not the case here. 4 0 obj Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, co-appellant was another son of the testator, described as constructive trustees by virtue of a fiduciary relationship to the, B decided along with one of the trustees that the company was not doing well. enough, and that am attempt to take control of the company should be initiated. On this, Lord Denning MR said (at 1021). Administrative Law. xksgD2u$N+xH)%"dU &c~m_WMnny|t80^olIv"+E] mv}f"gv UY Fe_go_eu6[xGLBdUS-?b\4?s=}GO0upAQ![*`E"~ endobj Mr Tom Boardman was the solicitor of a family trust. S+QMS^ kUeH|8H4W,G*3R]wHgMY&,*Hu`IcFWB T he respondent, JP, was a son of the testator and a beneficiary under the . 1 0 obj Become Premium to read the whole document. With the knowledge of the trustees, Boardman and Phipps decided to purchase the shares themselves. F5aE}*?fxl1oA+;{ S>"~qOf~AcW|g[ VFaxb'o Tns34}#rPDB However, they would be able to retain a generous remuneration for the services he performed. S;70[`J)LQ,ecX_LK,*q3>~ B=eA* They suggested to a trustee (Mr Fox) that it would be desirable to acquire a majority shareholding, but Fox said it was completely out of the question for the trustees to do so. This article is also available for rental through DeepDyve. On this Wikipedia the language links are at the top of the page across from the article title. Boardman and Phipps would have to account for their profits, despite the fact they had best intentions and made the Lexter & Harris a profit. endobj S+QMS^ kUeH|8H4W,G*3R]wHgMY&,*Hu`IcFWB in. "And it is a rule of universal application, that no one, having such duties to discharge, shall be allowed to enter into engagements in which he has, or can have, a personal interest conflicting, or which possibly may conflict, with the interests of those whom he is bound to protect. Here you will find options to view and activate subscriptions, manage institutional settings and access options, access usage statistics, and more. Access to content on Oxford Academic is often provided through institutional subscriptions and purchases. 2 0 obj In this Equity Short, John Picton analyses Boardman v Phipps [1966] UKHL 2. He attended the annual general meeting of Lester &amp; Harris Ltd, a company in which the trust had a substantial shareholding. This article explores how the dissenting judgment of Lord Upjohn in Boardman v Phipps has been preferred by the lower courts and why the courts have adopted such a position. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide, This PDF is available to Subscribers Only. They owed fiduciary duties (to avoid any possibility of a conflict of interest) because they were negotiating over use of the trust's shares. <> <>>> To purchase short-term access, please sign in to your personal account above. As the judge said: "it would be inequitable now for the beneficiaries to step in and take the profit without paying for the skill and labour which has produced it.". His Lordship distinguished Regal (Hastings) v Gulliver by restricting Regal Hastings to circumstances concerned with property of which the principals were contemplating a purchase. Maguire v Makaronis 1997 infers that anyone under a fiduciary obligation must foreshow righteousness of their transactions. Lord Upjohn also agreed with Lord Cohen that information is not property at all, although equity will restrain its transmission if it has been acquired by a breach of confidence. endobj Lord Upjohn also agreed with Lord Cohen that information is not property at all, although equity will restrain its transmission if it has been acquired by a breach of confidence. If you believe you should have access to that content, please contact your librarian. However, the circumstances were quite different to those in Boardman v Phipps. The majority of the House of Lords (Lords Cohen, Guest and Hodson) held that there was a possibility of a conflict of interest, because the solicitor and beneficiary might have come to Boardman for advice as to the purchases of the shares. It is not contended that the trustees had such knowledge or gave such consent. p. 117D G, The relevant rule for the decision of this case is the fundamental rule of equity that a person in a fiduciary capacity must not make a profit out of his trust which is part of the wider rule that a trustee must not place himself in a position where his duty and his interest may conflict.: p. 123C, Whether there is a possibility of conflict depends on whether the reasonable man looking at the relevant facts and circumstances of the particular case would think that there was a real sensible possibility of conflict: p. 124B, Note that in this case, not only did the principals, which are the trust beneficiaries, no lose anything, but they actually profited from the increase in value of shares held under the trust as a result of the actions of defendants thus it can be surmised that regardless of whether any wrongdoing or harm was caused to the principal, the fiduciary is liable for all profits acquired as a result of his position. The beneficiary principle in the 21st century, Subscription prices and ordering for this journal, Purchasing options for books and journals across Oxford Academic, Receive exclusive offers and updates from Oxford Academic. The trust benefited by this distribution 47,000, while Boardman and Phipps made 75,000. Cambridge Journals publishes over 250 peer-reviewed academic journals across a wide range of subject areas, in print and online. Grey v Grey (1677) Jamie Glister; 4. Final, Pharmaceutical Calculations practice exam 1 worked answers, Acoples-storz - info de acoples storz usados en la industria agropecuaria. The only defence available to a person in such a fiduciary position is that he made the profits with the knowledge and assent of the trustees. Throughout this phase Proprietary relief in Boardman v Phipps 6 [1967] 2 AC 46 (HL) 73. This item is part of a JSTOR Collection. . Associated Provincial Picture Houses Ltd v Wednesbury Corporation [1948] 1 KB 223. The company made a distribution of capital without reducing the values of the shares. Tom Boardman was a solicitor for a family trust. In my view it means that the reasonable man looking at the relevant facts and circumstances of the particular case would think that there was a real sensible possibility of conflict; not that you could imagine some situation arising which might, in some conceivable possibility in events not contemplated as real sensible possibilities by any reasonable person, result in a conflict.". They suggested to Mr Fox, a trustee, that it would be desirable to acquire a majority shareholding, but Fox disagreed. The House of Lords maintained the strict rule that historically equity has imposed on a fiduciary. View the institutional accounts that are providing access. Part II describes the rationales for adopting each of the approaches to awarding allowances to dishonest fiduciaries. If the defendant has done valuable work in making the profit, then the court in its discretion may allow him a recompense. Lecture notes, lectures 1-10 - Financial Maths for Actuarial Science, Lecture Notes - Psychology: Counseling Psychology Notes (Lecture 1), The effect of s78 Police and Criminal Evidence Act 1984 Essay, Critical Reflection on my Work Experience, 2019 MCQ 1 answers - Online Multiple Choice Questions, Caso Walmart vs Kmart - RESUMEN DEL TEMA DE LOGISTICA DE OPERACIONES - DSM-5, Syllabus in Social Science and Philosophy, ACCA FINANCIAL MANAGEMENT Pocket Notes 2021 22, Mischief Rule, Examples, Advantages, Disadvantages and rectification, Human Muscular Skeletal Systems. Lord Upjohn dissented, and held that Phipps and Boardman should not be liable because a reasonable man would not have thought there was any real sensible possibility of a conflict of interest. Boardman and another trustee, Fox, therefore . They owed fiduciary duties (to avoid any possibility of a conflict of interest) because they were negotiating over use of the trusts shares. overrule Boardman v Phipps.3 It should be noted that the majority in Boardman v Phipps were all-too-aware that they were imposing a constructive trust on a person who had acted in good faith. His Lordship regarded Boardman to be liable because he acquired the information in the course of the fiduciary relationship and because of the fiduciary relationship. %PDF-1.5 'Rules of equity have to be applied to such a great diversity of circumstances that they can be stated only in the most general terms and applied with particular attention to the exact circumstances of each case. Read more about this topic: Boardman V Phipps, Judgment, A severe though not unfriendly critic of our institutions said that the cure for admiring the House of Lords was to go and look at it.Walter Bagehot (18261877), The welcome house of him my dearest guest.Where ever, ever stay, and go not thence,Till natures sad decree shall call thee hence;Flesh of thy flesh, bone of thy bone,I here, thou there, yet both but one.Anne Bradstreet (c. 16121672), You see how this House of Commons has begun to verify all the ill prophecies that were made of itlow, vulgar, meddling with everything, assuming universal competency, and flattering every base passionand sneering at everything noble refined and truly national. The proceedings. Boardman v Phipps [1966] UKHL 2 is a landmark English trusts law case concerning the duty of loyalty and the duty to avoid conflicts of interest. WI[y*UBNJ5U,`5B1F :IK6dtdj::yj The House of Lords maintained the strict rule that historically equity has imposed on a fiduciary. Boardman had concerns about the state of Lexter & Harris' accounts and thought that, in order to protect the trust, a majority shareholding was required. The direct tyranny will come on by and by, after it shall have gratified the multitude with the spoil and ruin of the old institutions of the land.Samuel Taylor Coleridge (17721834), From scenes like these old Scotias grandeur springs,That makes her loved at home, revered abroad;Princes and lords are but the breath of kings,An honest mans the noblest work of God!Robert Burns (17591796), "It is perhaps stated most highly against trustees or directors in the celebrated speech of Lord Cranworth L.C. Boardman v Phipps (1967) was an example of the application of strict liability. For terms and use, please refer to our Terms and Conditions It was irrelevant that S had acted in an open and honest (and profitable!) Boardman v Phipps [1967] 2 AC 46, [1966] 3 WL R 1009, [1966] 3 All ER 721. Did Boardman and Tom Phipps breach their duty to avoid a conflict of interest, despite the fact that the company made a profit and they had obtained (some) consent from the beneficiaries? 2010-2023 Oxbridge Notes. Chase Manhattan Bank v Israel-British Bank Ltd, Industrial Development Consultants v Cooley, https://en.wikipedia.org/w/index.php?title=Boardman_v_Phipps&oldid=1123060721, Creative Commons Attribution-ShareAlike License 3.0, [1965] Ch 992, [1965] 2 WLR 839 and [1964] 1 WLR 993, Viscount Dilhorne, Lord Cohen, Lord Hodson, Lord Guest and Lord Upjohn, This page was last edited on 21 November 2022, at 15:30. This article explores how the dissenting judgment of Lord Upjohn in Boardman v Phipps has been preferred by the lower courts and why the courts have adopted such a position. National Provincial Bank Ltd v Ainsworth (1965) Alison Dunn; 20. trust. The other two members of the majority, Lord Hodson and Lord Guest, opined that information can constitute property in appropriate circumstances and in the current case, the confidential information acquired can be properly regarded as property of the trust. But when, as in this case, the agents acted openly and above board, but mistakenly, then it would be only just that they should be allowed remuneration. He and a beneficiary, Tom Phipps, went to a shareholders' general meeting of the company. They wanted to invest and improve the company. His lordship, with respect . Abstract. Boardman v Phipps answers this question: in the affirmative. Oxbridge Notes in-house law team. WI[y*UBNJ5U,`5B1F :IK6dtdj::yj Mr Boardman (the trust's solicitor) investigated the affairs of the company, initially on behalf of the trust, and gained useful information. Register, Oxford University Press is a department of the University of Oxford. Key Points. However they were generously remunerated for their services to the trust. Select your institution from the list provided, which will take you to your institution's website to sign in. By capitalizing some of the assets, the company made a distribution of capital without reducing the values of the shares. The majority unanimously agreed that liability to account for the profits due to a fiduciary relationship is strict; it does not depend on fraud or an absence of bona fides. With the full knowledge of the trustees, Boardman and Phipps purchased a majority stake of the shares themselves. By using I think there should be a generous remuneration allowed to the agents. Choose this option to get remote access when outside your institution. His An important feature of the journal is the Case and Comment section, in which members of the Cambridge Law Faculty and other distinguished contributors analyse recent judicial decisions, new legislation and current law reform proposals. Therefore S and B invested themselves and the company did very well, improving the value of the shares held by themselves individually and by the trust. (Keech v Sandford 1726) - landlord would not grant new lease to beneficiary so trustee took in his own name. In my view it means that the reasonable man looking at the relevant facts and circumstances of the particular case would think that there was a real sensible possibility of conflict; not that you could imagine some situation arising which might, in some conceivable possibility in events not contemplated as real sensible possibilities by any reasonable person, result in a conflict.". stream 4 0 obj Fiduciary duty and the exploits of commercial enterprise often run counter to each other, while in this instance the opportunistic actions of a solicitor produces a profitable outcome for all involved, but not without a cost to the integrity of their working relationships. However, to do this he needed a majority shareholding in the company. (eg- acting for multiple people) a. &Thb;ynxP\ -|tLo9sRx[8-a5& 'vd `f@). Viscount Dilhorne. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 17 0 R 22 0 R 23 0 R 25 0 R 35 0 R 36 0 R 40 0 R 42 0 R] /MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Enter your library card number to sign in. 7 Boardman v. Phipps [1967] 2 A.C. 46, 124 per Lord Upjohn. Cambridge University Press (www.cambridge.org) is the publishing division of the University of Cambridge, one of the worlds leading research institutions and winner of 81 Nobel Prizes. Sealy, Commercial Law and Commercial Reality (London 1984), pp. Boardman v Phipps [1967] 2 AC 46. His Lordship regarded Boardman to be liable because he acquired the information in the course of the fiduciary relationship and because of the fiduciary relationship. BOARDMAN v PHIPPS. Lord Cohen said the information is not truly property and it does not necessarily follow that, because an agent acquired information and opportunity while acting in a fiduciary capacity, he is accountable. Phipps v Boardman: HL 3 Nov 1966 A trustee has a duty to exploit any available opportunity for the trust. 31334. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 17 0 R 22 0 R 23 0 R 25 0 R 35 0 R 36 0 R 40 0 R 42 0 R] /MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> However, they were generously remunerated for their services to the trust. However the court exercised its inherent jurisdiction to make a monetary award to S for his services to improving the value of the trust. They wanted to invest and improve the company. Boardman appealed against a finding that he was a constructive trustee for, or agent did not necessarily render him accountable for profit from its use, yet in, the present case, as both the information which satisfied B and P, purchase of the shares would be a good investment and the opportunity to bid, came as a result of B acting on behalf of the trustees B and P, trustees of five eighteenths of the shares in the company for the respondent and, were liable to account to him for the profit thereon accordingly, Human Rights Law Directions (Howard Davis), Tort Law Directions (Vera Bermingham; Carol Brennan), Marketing Metrics (Phillip E. Pfeifer; David J. Reibstein; Paul W. Farris; Neil T. Bendle), Public law (Mark Elliot and Robert Thomas), Commercial Law (Eric Baskind; Greg Osborne; Lee Roach), Introductory Econometrics for Finance (Chris Brooks), Criminal Law (Robert Wilson; Peter Wolstenholme Young), Principles of Anatomy and Physiology (Gerard J. Tortora; Bryan H. Derrickson), Electric Machinery Fundamentals (Chapman Stephen J. Case summary last updated at 24/02/2020 14:46 by the xksgD2u$N+xH)%"dU &c~m_WMnny|t80^olIv"+E] mv}f"gv UY Fe_go_eu6[xGLBdUS-?b\4?s=}GO0upAQ![*`E"~ Ought Boardman and Tom Phipps to be allowed remuneration for their work and skill in these negotiations? The Appellant Phipps was Chairman of this company and Mr. Boardman was one of its directors. In April 1997, Mrs Newman and her husband granted a lease of 1 Vicarage . See below. This meant he had to account for all profits arising out the CoI, no matter how remote the probability was that this CoI would actually arise. Published by Oxford University Press. Many of these journals are the leading academic publications in their fields and together they form one of the most valuable and comprehensive bodies of research available today. Special emphasis is placed on contemporary developments, but the journal's range includes jurisprudence and legal history. ", The phrase "possibly may conflict" requires consideration. T he appellant B was a solicitor who acted as an advisor to the trustees. Coke v Fountaine (1676) Mike Macnair; 3. By his Will dated the 23rd December, 1943, Mr. C. W. Phipps left an annuity to his widow and subject thereto 5/18ths of his estate to each of his sons and 3 /18ths to his daughter, Mrs. Noble. He said unequivocally that knowledge learnt by a trustee in the course of his duties is not property of the trust and may be used for his own benefit unless it is confidential information which is given to him (i) in circumstances which, regardless of his position as a trustee, would make it a breach of confidence to communicate it to anyone or (ii) in a fiduciary capacity. The full text is available here: http://www.bailii.org/uk/cases/UKHL/1966/2.html, -- Download Boardman v Phipps [1967] 2 AC 46 as PDF --, Transvaal Lands Co v New Belgium (Transvaal) Lands & Development CO [1914] 2 Ch 488, http://www.bailii.org/uk/cases/UKHL/1966/2.html, Download Boardman v Phipps [1967] 2 AC 46 as PDF. Q6 - You now need to carry out research about the different universities/colleges you are interested in applying to by finding the answers to the areas you have outlined in your responses to questions 3 and 5 above. John Phipps and another beneficiary, sued for their profits, alleging a conflict of interest by Boardman and Phipps. Material Facts Boardman was the solicitor for a family trust. Pettitt v Pettitt (1970) and Gissing v Gissing (1971) John Mee; 22. This is because there is no possibility the trustee would seek Boardman's advice to purchase the shares and at any rate Boardman could have declined to act if given such request. This species of action is an action for restitution such as Lord Wright described in the Fibrosa case. You do not currently have access to this article. This has fuelled a more general debate as to whether the no-conflict rule should be harsh or more flexible. <> Boardman v Phipps (1967) Michael Bryan; 21. This is a Premium document. In 1996 Mr Clarke settled 150,000 on trust to benefit various family members including his grandchildren, Brooke and Billy. Boardman was concerned about the accounts of the company, and thought that to protect the trust a majority shareholding is required. But then John Phipps, another beneficiary, sued for their profits, alleging a conflict of interest. The problem was that the trust instrument itself did not allow the investment of, Boardman purporting to act on behalf of the trust (relationship of agenc, discovered the likely cost of the shares and purchased the shares in his own, At all points, Boardman had acted honestly, After Boardman had purchased the controlling interest in the company. It concludes that the conduct-based approach in Boardman v Phipps should be rejected, and that the unjust enrichment-based approach provided by Warman International Ltd v Dwyer should be The Cambridge Law Journal ", The phrase "possibly may conflict" requires consideration. The majority disagreed about the nature and relevance of information used by Boardman and Phipps. Don't already have a personal account? HL (majority 3-2) held that S and B would hold their acquired shares as constructive trustees for the beneficiaries. The claim for repayment cannot, however, be allowed to extend further than the justice of the case demands. They realised together that they could turn the company around. His statement has . Annetts v McCann (1990) 170 CLR 596. This authentication occurs automatically, and it is not possible to sign out of an IP authenticated account. Boardman v Phipps [1967] 2 AC 46. by Will Chen; 2.I or your money back Check out our premium contract notes! strict liability of fiduciaries has been the subject of criticism on the grounds that it is unfair to penalise honest trustees in the same way as guilty trustees and that the strict rule may discourage people from accepting the post. The majority agreed unanimously that liability to account for the profits made by virtue of a fiduciary relationship is strict and does not depend on fraud or absence of bona fides, and so Phipps and Boardman would have to account for their profits.

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