Duty of care of the foundation council

(1) The foundation council and each member of the foundation council, in the exercise and discharge of their powers and duties– (a) shall act honestly and in good faith with a view to promoting the interests of the foundation, its beneficiaries or its purposes, and (b) shall owe a fiduciary duty to the foundation, its founder and its beneficiaries, and shall, subject to the terms of the foundation and its by-laws, preserve and administer the International Foundations [CAP. 24:02 45 with the care, diligence and skill which a reasonably prudent business person would exercise in comparable circumstances.