Fiduciary Responsibilities and Project Management

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Luis Branco CEO| Business Insight, Consultores de Gestão, Ldª Carcavelos, Lisboa, Portugal

What does fiduciary responsibility mean to you?

What, in your opinion, are the fiduciary responsibilities of the Project Manager?

Posted: Feb 20, 2020 5:40 AM

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Peter Rapin Subject Matter Expect; Project Delivery| Independent Consultant Ontario, Canada

Feb 21, 2020 6:07 AM

Replying to Luis Branco

...

Dearest

We can consider:
- Duty of Care
- Duty of Loyalty
- Duty of Obedience
- Duty of Integrity

As fiduciary responsibilities of the Project Manager?

These are Terms of Employment/contract responsibilities or accountability - written or implied. To me fiduciary responsibilities would be with a third entity not party to the contract. A doctor has a fiduciary responsibility to the public as would a engineer and some select other professions. Fiduciary responsibility comes into play when the injured party cannot rely on a contract to claim damages.

Posted: Feb 24, 2020 11:46 AM

Daire Guiney Dublin, Dublin, Ireland

Feb 24, 2020 6:41 AM

Replying to Luis Branco

...

Dear Daire
Thanks for sharing vconnosco this your opinion

You put the question in a different perspective

In Portugal, in some professions, the Orders and their members protect each other even though this may harm the community.
Unfortunately it is like this

Dear Luis,

I understand the term collective responsibility were the mentality 'we are all in this together' is the underlining philosophy of these orders and institutes. But times have changed and if one good thing comes out of the recent financial crisis is an acknowledgement that this approach was open to wholesale abuse and it is primarily the reason why the problem got so bad in the first place.

I would be the first to admire loyalty and dedication to the cause but when it is misplaced and in some cases unwarranted then you are on to something completely different; that being what Peter Rapin said and paraphrasing him in his post that he won't be lead by anybody and has the right to walk away if the conditions do not meet his expectations.

So going back to my original point, should their not be legally binding code of ethics that ensure that project managers act in the best interest of those that they represent not those that represent the project manager.

Daire

Posted: Feb 24, 2020 2:26 PM (Updated by author: Feb 24, 2020 2:27 PM)

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Fiduciary Responsibilities and Project Management

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