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Board members must fulfill their fiduciary duties, including educating themselves on relevant information and acting in the best interests of the building, in order to protect themselves and their fellow board members from potentially devastating legal consequences.(Print: The High Price of Bad Faith)

Board members must fulfill their fiduciary duties, including educating themselves on relevant information and acting in the best interests of the building, in order to protect themselves and their fellow board members from potentially devastating legal consequences. (Print: WHEN YOU ARE PROTECTED — AND WHEN YOU’RE NOT)

A recent New York condo case has highlighted the potential consequences of board decisions being deemed in bad faith, with board members facing personal liability and potential insurance premium increases.

A code of ethics is essential for board members to prevent violations of their responsibilities to govern fairly, and a written code of conduct can help prevent problems.

Condos use fines and court orders for rule violations, while co-ops can terminate leases and evict shareholders for violations.

Boards face challenges with shareholder alterations, especially for major changes. Consistency in approvals and clear communication help prevent legal issues.

New board members must understand their fiduciary duty, legal responsibilities, and consequences of breaching trust when serving their community.

Sometimes doing the right thing for shareholders feels like the wrong thing.

There's a reason there's a procedure for almost everything boards do.

What exactly is a breach of fiduciary duty?