Much of the law surrounding fiduciary obligations of board members has been in place for decades. And a lot of it is common sense. However, it is a topic worth revisiting periodically—both as a refresher for returning board members and as a guide for new members.
Serving on a cooperative or condominium board is fundamentally different from other board service. Board members literally live with those who elected them—they see each other in the elevators, or even when they throw out their garbage. The balance between neighbor and elected official is something each board, and each board member, has to navigate. And what works for one building, and for one member, may be different from what works for others. But no matter the building, general principles of board service should be kept in mind.