What are the risks in being a Trustee?
The rewards of being a trustee, and giving back to society, should outweigh any worries about liabilities which potential trustees might have.
However, anyone considering taking up the role will want to know what legal duties, responsibilities and potential liabilities are involved. While most people in the sector would find it difficult to name a single situation in which a trustee has actually suffered personal loss and liability, anyone wishing to become a trustee should know what the potential risks could be. Many of us are concerned about managing risk in the activities we undertake. Trustees will want to know what risks they could potentially face and claims that may be brought against them.
The main risk for a trustee is reputation risk.