On the Professional Standard of Trustee Conduct

The article attempts to define the scope of duties of a trustee, its standard of behavior and the rules of bringing it to responsibility under the trust management agreement. The author comes to the conclusion that any trustee should be responsible under the rules of professional standard of conduct. Russian law does not provide for the possibility of non-professional trust management. Although most countries in the world set a standard of behavior of a trustee (bonus pater familias), when engaging any trustee, his professional qualities, experience and knowledge are also to be taken into account. In the absence of fiduciary responsibility in Russian law, the choice in the trustee’s responsibility is between the responsibility of a professional and the responsibility for risk.