Fi360

Fiduciary Links: Celebrating Fiduciary September

Posted by Bennett Aikin on September 09, 2013

>>>The Institute for the Fiduciary Standard will celebrate Fiduciary September with a slate of activities intended to highlight the importance of fiduciary principles in preserving trust and confidence in the capital markets. Highlights of Fiduciary September events and activities in 2013 include a meeting of Institute delegates led by Jack Bogle and Boston University Professor Tamar Frankel, with SEC Chair Mary Jo White; an interview with Prof. Frankel, “Why Fiduciary Duties Matter,” by Marion Asnes; a white paper on The Six Core Fiduciary Duties the Institute identifies as essential to the fiduciary standard; meetings on Capital Hill and a conference call on 401(k) Fees And Expenses And Plan Sponsor Fiduciary Duties.

Fiduciary September has already been successful in generating some buzz, as a few of the links below were generated by the Institute's activities and the celebration is being covered by ThinkAdvisor.

>>>Although Syria received most of the media attention, there were other topics on the G20 Summit’s agenda this past week. One such topic was tax avoidance, as nations in general struggle with insufficient revenues to cover costs. Recent disclosures that highlighted how much companies such as Amazon and Google were able to minimize their companies’ tax bills have compelled G20 nations to seek ways of tightening fiscal policies. It has been argued that business leaders have a fiduciary duty to shareholders to avoid tax (minimize expenses). Well, in Britain that premise is being taken on in a legal opinion from the British law firm Farrer and Co. on behalf of the Tax Justice Netowrk. In the legal opinion, Farrer & Co. say that fiduciary duties under British law cannot be construed as an affirmative duty to avoid taxes and that complying with tax law provides protections, rather than the risks that come come through avoidance. As always, it is interesting to get a look at how fiduciary law is being applied and evolving internationally.

Now on to the best links of the week:

News and columns from the leading trade, consumer, and mainstream media:

Financial planning community wrestles with definition of “fee-only” [InvestmentNews]
DOL claims new regulations should receive credit for increasing focus on fees [RIABiz]
In a global look at financial reform, the U.S. fiduciary movement is highlighted, as are complete bans of conflicts in Australia and in Europe [Financial Times]

From the organizations/associations/government/academia: