This seminal essay from the long-time president of the Commonwealth Fund explores the critical roles and responsibilities of foundation trustees, and the duties of responsible boards of directors. Selected excerpts include:

  • “To fulfill a trust, the trustee must act for the benefit of another, not for personal gain. Trustees are in effect moral decision makers.”
  • “Responsible boards are not born. They are composed carefully.”
  • “The justification for foundations existing at all is that private wealth can risk the search for ways to enhance the broader good.”

Trustees is a must-read for any family foundation founder or board – new or old!

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