This note identifies six differences between trustees and company directors: the absence of a separate legal personality of the trust, the different rights of creditors, the different obligations owed, different rights to information, different powers of removal and, especially, the different...

The duty of corporate fiduciaries to act in the best interests of the firm lies at the heart of most stories about corporate law. It has occupied the center of what is probably the longest and most extensive debate in corporate law: whether the duties should be owed to shareholders alone or to...