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!