Friday, January 25, 2008

What the H#ll is Fiduciary?

Got this letter from my former employer, reminding me of my fiduciary responsibilities.  I looked all over the Internet for a decent definition, and it seems to me that the term is left rather loose to my liking. Though it would seem that if you are to be labeled with such a tag that you would be in a position of ownership. Which would provide you with the opportunity to review the annual financial statements, and make all decisions without the approval of or from your employer. Seems that the definition is left to interpretation which has me in hot water.

Never the less, I'm being accused of having inside information and using it for my advancement. Lets get one thing straight, I stole nothing. I am incapable of stealing that which I am accused of taking and it also plants the seed that this company feels it has ownership over individuals and personal freedoms of both past and present employees. In fact that which is missing, left of its own accord, and was leaving either way regardless of my involvement or position in the community and further more it advances me nothing.

I hear stories on the Internet all the time of other companies cherry picking. Truth be told you can't lose that which you can't control. This stolen artifact has a free will. 

So how am I to compensate for losses, when this "artifact of free will" chose to leave. Whether it came to me and my present employer or another company it was leaving. So how do you prove loss.  I don't think you can. 

I'd love to hear your input on this as I'm quite upset over the matter and has caused my present employer to lose production from me. Not to mention the stress on my family.

7 comments:

Nikki said...

Who is the scapegoat for losing a valued item? The person who treated it poorly, or the person that found a way to repurpose that item and allow it to shine again.

Darren said...

I believe that this whole, non compete type clause that people try to prey on in order to keep you from stealing that which they feel belongs to them, is avoided by coming to an understanding of who instigated the transfer.

If it was the employee held bound to this clause- your screwed.

If this entity decided to leave of there own free will and seek you out. Then you tell your old company to shove it where the sun dont shine and you'll see them in court before handing over a bloody dime.

Russyl said...

I was thinking earlier today about this topic and it occurred to me that fiduciary also refers to inside information that I as management would hold and lower employees would not. Correct me if I'm wrong. This knowledge was common and held by all, including the lowest of employees. So what violation did I do?

leanne said...

I'm a bit confused as to what exactlly happened. But, I can tell you in real estate they use the word fiduciary alot.

Russyl said...

I was meeting with a friend of mine and his wife the other day. We discussed this matter and she had questioned "how long this responsibility would last?"
It donned on me that even business partners usually include a time line where this responsibility would run out. typically known as non-competition clause. Well contractually I have been given no time line. So... when will this fiduciary responsibility run out?

Darren said...

wanna let us know an update here??

Russyl said...

Yeah, let sleeping bears sleep.

All thought this sleeping bear seems to want to wrestle in another arena. One where he is the only competitor. LOL