As an NAR director, you are a fiduciary of NAR. That means you have a special legal responsibility in connection with the administration, investment, and care of NAR and its assets. This requires you to make careful, good-faith decisions in the best interest of NAR. Your decisions must be made independently and free of any undue influence from any person or organization, including any local or state association, MLS or brokerage.
Many of you are multi-board directors, meaning that you also serve as directors of other organizations, such as a local or state REALTOR® Association. In that instance, you owe fiduciary duties to multiple organizations. If the duties you owe to another organization prevent you from giving undivided allegiance to NAR, then you are individually responsible for addressing that conflict as you deem appropriate and at the very least, in a manner consistent with NAR’s Conflict of Interest Policy.
NAR General Counsel Katie Johnson explains the fiduciary duties that members serving on the board of directors of a REALTOR® association owe to the association: