The core obligation of a fiduciary is loyalty. Fiduciaries must act in good faith and avoid conflicts of interest.

The court refused to sanction an investment policy which put the economic interests of the mining industry ahead of the best financial interests of the beneficiaries of a pension scheme.

In general, trustees must consider the best financial interests of the beneficiaries when choosing investments.

When a landlord refused to renew a lease held on trust for an infant beneficiary, the trustee took it over. It was held that the trustee held the lease on constructive trust for the beneficiary.

Trustees cannot retain any profits deriving from their connection with the trust.

The claimant argued unsuccessfully that the value of her interest should have been greater and that the defendant’s overly cautious investment strategy constituted a breach of trust.

Trustees must treat all beneficiaries even-handedly. Trustees are to be judged on their investment policy overall rather than on individual failures—modern portfolio theory.

Two directors of a company entered into a personal property investment deal when the original deal brokered by the company fell through, depriving the company of its commission.

Fiduciaries must avoid conflicts of interest with their principal. Opportunities that arise through a fiduciary relationship are properly considered the property of the principal and full consent must be obtained before a fiduciary may take any advantage of them.

A claimant alleged that he was the beneficiary of a trust and sought access to relevant documents pertaining to how the ‘trust’ had been managed.

Beneficiaries are entitled to see trust documents, as long as they do not reveal reasons for trustees’ use of their discretion or confidential information.

A claimant sought access to a wide range of documents relating to two trusts under which he claimed a discretionary interest.

Beneficiaries’ access to information is an aspect of the court’s inherent jurisdiction to supervise the trust. The court must balance the interests of trustees, beneficiaries, and third parties in deciding whether to order disclosure.