Indian Journal of Industrial Relations: Economics & Social Dev.

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Is There A Case for Fiduciary Duties Towards Employees and Other Stakeholders?


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1 OB & HR Area, Chairperson, Research Committee, Indian Institute of Management Kozhikode 673570, India
     

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From eons, individuals have faced the need to entrust others with valuable information, property, or other assets. This may be in a situation where a house owner entrusts his/her property to a tenant for its upkeep with care and diligence. It may also happen in a situation where a patient reveals highly personal and sensitive information to a doctor for seeking effective medical interventions. While these interactions and transactions serve useful purposes, it is seen that individuals on the dominant side of a relationship (the tenant or the doctor in the above examples), will sometime use the entrusted asset or knowledge to advance their own interests at the expense of the dependent party or will be less diligent and dedicated than the trusting party would have wished for. In Anglo-American law such relationships of trust and dependency are termed ‘fiduciary’.
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  • Campbell, J. L. (2007), “Why Would Corporations Behave in Socially Responsible Ways? An Institutional Theory of Corporate Social Responsibility”, Academy of Management Review, 32(3): 946-67.

  • Maignan, I., & Ralston, D. A. (2002), “Corporate Social Responsibility in Europe and the US: Editor Insights from Businesses’ Self-presentations”, Journal of International Business Studies, 33(3): 497-514.


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  • Is There A Case for Fiduciary Duties Towards Employees and Other Stakeholders?

Abstract Views: 258  |  PDF Views: 0

Authors

T. N. Krishnan
OB & HR Area, Chairperson, Research Committee, Indian Institute of Management Kozhikode 673570, India

Abstract


From eons, individuals have faced the need to entrust others with valuable information, property, or other assets. This may be in a situation where a house owner entrusts his/her property to a tenant for its upkeep with care and diligence. It may also happen in a situation where a patient reveals highly personal and sensitive information to a doctor for seeking effective medical interventions. While these interactions and transactions serve useful purposes, it is seen that individuals on the dominant side of a relationship (the tenant or the doctor in the above examples), will sometime use the entrusted asset or knowledge to advance their own interests at the expense of the dependent party or will be less diligent and dedicated than the trusting party would have wished for. In Anglo-American law such relationships of trust and dependency are termed ‘fiduciary’.

References