THE board of directors exercises the powers, conducts all business and controls all properties of a corporation (Section 22, Revised Corporation Code).
Being the vessel of corporate powers, the directors have fiduciary duty toward the corporation. The Supreme Court in the case of Schulze v Prebon (GR 189158, 189530, Jan. 11, 2017) stated that a director, holding as he does a position of trust, is a fiduciary of the corporation. As such, in case of conflict of interest with those of the corporation, he cannot sacrifice the latter without incurring liability for his disloyal act.
Already have an active account? Log in here.
Continue reading with one of these options:
Continue reading with one of these options:
Premium + Digital Edition
Ad-free access
P 80 per month
(billed annually at P 960)
- Unlimited ad-free access to website articles
- Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)
TRY FREE FOR 14 DAYS
See details
See details
If you have an active account, log in
here
.