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Reclaiming the Relational Ontology of the Fiduciary and Exploring Relational Ethics

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  • Helen Mussell

Abstract

Despite the omnipresence of the fiduciary in organisations, there is an omission of contemporary theorisations of this legal concept within the organisational theory literature. This is particularly surprising given the situation that the presence of ethics within the fiduciary is increasingly contested ground, with clear implications for managerial practice. This article addresses the lacuna by theorising the fiduciary using an original ontological analysis, alongside identifying a suitable ethical framework. It argues on two grounds that the ontology of the fiduciary is inherently relational. The fiduciary’s process-oriented focus is shown to indicate an open, emergent, and relational ontology at work. Secondly, historical investigation of the development of the fiduciary highlights its core relationship structure, and the interdependency and power dynamic embedded in the fiduciary are revealed. The argument is advanced that by bringing this inherent relational ontology to the fore, we can see how a relational ethical framework – the Ethics of Care – is best placed to explicate the ethics at work. The article concludes with a discussion outlining how the ontological theorisation offers utility in steering future practice of the fiduciary.

Suggested Citation

  • Helen Mussell, 2021. "Reclaiming the Relational Ontology of the Fiduciary and Exploring Relational Ethics," Working Papers wp534, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp534
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    Keywords

    Fiduciary duty; Contract Law; Modern Portfolio Theory; Ethics of;
    All these keywords.

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • B54 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Feminist Economics
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics

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