The paper outlines the duties of unit trust trustees in principal/agent terms. It then discusses the reactions of a number of trustees to the suggestion that they might be acting in breach of trust because of poor performance by the funds for which they are trustees. It concludes by offering...

I In a number of publications, but especially in the Boston Consulting Group's booklet Perspectives on Experience, it has been argued that a profitable corporate strategy is to maximise market share. This is because as accumulated output increases, average costs are supposed to fall...