微電影劇本范例]之他天堂分鏡頭(6)(編輯修改稿)
2025-02-08 13:08 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 serve as plan fiduciaries have dual loyalties and do not have a lesser fiduciary standard – Critical to make it clear when executive is acting in each capacity – greater risk occurs when it is unclear which ―hat‖ executive is wearing – When municating with participants, dualhat executives are presumed to act as fiduciaries – Corporate position and inside information is twoedged sword: enhanced expertise is a plus, but nonpublic information is a burden 22 Enron Litigation Lessons (cont.) ? Appointing a fiduciary carries with it the duty to monitor closely the fiduciary’s performance. – Duty to act when appointed fiduciary knows of possible breach – Could include duty to assure that the appointed fiduciary has accurate information on employer’s financial condition – Not a responsibility to carry out appointed fiduciary’s duty but to oversee and perhaps replace appointed fiduciary 23 Enron Litigation Lessons (cont.) ? Speaking to participants about the security of their benefits, investment of their plan assets, or pany stock as an available investment can cause an executive to be acting as a fiduciary – Discourage executive management from making statements perceived by participants as intended to influence typical participant behaviors (. when and how to contribute, invest, or take a distribution) ? A fiduciary has a duty not to mislead plan participants and to correct misleading information from others. – If a fiduciary knows or should know that participants have been given misleading information, silence and inaction constitute breach of duty of loyalty 24 Enron Litigation Lessons (cont.) ? A fiduciary has a higher duty to disclose information if necessary for participants to protect their retirement benefits ? Information known to fiduciary – Resignation is not sufficient – Not dependent on participant request 25 Enron Litigation Lessons (cont.) ? Fiduciaries have a continuing obligation to assure that investment in employer stock is prudent – Duty of prudence overrides plan design requiring investment in employer stock – As with other duties implicating prudence rule, a showing of procedural diligence is critical – Sliding scale for prudence as ―alarms go off, duty to act increases 26 IRS Audit Guidelines ? ―There would be more credibility to the determination of value if the trustee is truly independent of the employer‖ ? ―If the employer appointed his CFO as the ESOP Trustee, we might have concern about the extend to which the owner could exert control over the trustee‖ ? ―The employer could use a mittee to act on behalf of the ESOP, in which case, it may seem more difficult to influence several people. However, if the mittee, contained a senior official
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