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PRIVACY, COPYRIGHT, DISCLAIMER 
History Statutory trustee corporations have a unique history within Australia's financial sector. Their enabling legislation was first enacted in the 1870s. There were two purposes. The first was to establish sound and prudent entities to undertake the role of trustworthy agent to hold and manage businesses and financial assets for wealthy individuals travelling abroad for long periods. The second purpose was to benefit the broader community by extending to statutory trustee corporations the role of executor or administrator of a deceased estate - previously this could only be done by a natural person. Governments recognised that trustee corporations could provide greater expertise, resources and reliability than an individual, together with the capacity to prudently manage clients' trusts in perpetuity. Within the next decade, most of the trustee corporations now authorised by law were established. Subsequently, responding to demands from clients for more broadly based services, statutory trustee corporations have expanded their activities into most areas of wealth creation, management and transfer. Unique Characteristics Clients of statutory trustee corporations enjoy the highest levels of security and peace of mind. The special legislation under which trustee corporations are established and regulated requires substantial capital and insurance, and the continued demonstration of utmost capacity and diligence in carrying out their functions. Unlike other financial service providers, trustee corporations are required by law to always put the interests of clients first. They owe fiduciary duties to the beneficiaries of the assets they administer, and directors and staff can be held personally liable for mismanagement. Uniquely, directors of trustee corporations are jointly and severally liable not only for their own actions, but also for the actions of their staff. This legal requirement to put the client first, together with the onerous responsibility to avoid imprudent or improper management, has generated a unique culture of genuine dedication to client interests. For more than a century, this culture has been imbued in the personnel of statutory trustee corporations, from the directors down to the most junior trust officers. Statutory trustee corporations have a well-earned reputation of integrity and trust. They maintain high professional and ethical standards, as well as possess specialist skills in a wide range of financial and personal services. In fact, no other entities are able to provide the complete range of integrated, cradle-to-grave financial services offered by statutory trustee corporations. Indeed, through the use of trusts and charitable foundations, their services can extend beyond the grave and into perpetuity. Further information:
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©2006 TCA. All rights reserved. |
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