TRUSTEESHIP

Name Roll No

Ritesh Chhadwa 03

Gopal Kadkade 12

Dipesh Kotecha 15

Jayesh Name 28

Santosh Vishwakarma 55

WHAT IS TRUST?

In a social context, Trust has several connotations. The typical definition of trust follows the general intuition about trust and contains such elements as:

– the willingness of one party (trustor) to be vulnerable to the actions of another party (trustee);

– reasonable expectation (confidence) of the trustor that the trustee will behave in a way beneficial to the trustor;

– risk of harm to the trustor if the trustee will not behave accordingly; and

– the absence of trustor's enforcement or control over actions performed by the trustee.

Trustee of a Trust The Trustee is the guy who manages your Trust assets.

Great care should be taken in your selection of your Trustee.

The Trustee is bound by the Trust document (contract) and he has a duty to protect Trust assets for the Beneficiaries.

The independent Trustee manages, holds legal title to Trust assets and exercises independent control.

The Trustee can be your lawyer (worst person you would ever want to trust), your accountant, best friend, or anyone you trust who's not a relative by blood or marriage

The Trustees

These individuals can be elected or appointed and "serve the long-term welfare of the institution and help resolve current issues and conflicts in light of a broader perspective

While trustees usually have a standing connection to the institution they are asked to serve, the men and women who serve as trustees often claim no special competence in the area they are serving

So, for example, one does not have to be a professor to be an effective trustee of a college or university. What is needed is a clear understanding of the aims and purposes of the institution.

The Trustees

Typical types of organizations with trustee boards include

nonprofit organizations, civic organizations, hospitals, museums, and educational institutions.

Trusteeship: Importance

The concept of trusteeship is important for three main reasons.

First, boards of trustees allow for individual and group participation in creating the common good. 

Second, they act as filters in determining which issues are important.

Last, they provide a system of checks and balances within

an organization.

Why be a Trustee ?

There are diverse reasons for accepting the mantle of trusteeship.

be responsive to call for serving a cause or institution championed by someone whom they respect and admire,

demonstrate a deep commitment to an organization and their belief that its cause will endure,

give back to an organization and society that supported their personal success, and/or

take on a respected, challenging, and stimulating project

Trusteeship: the responsibilities

providing a legal foundation for existence, counseling the organization's top

administrators, making sure money is spent wisely,  directing the organization's long-term plans, making sure everyday

activities help achieve long-range plans, supporting and raising funds for the organization, acting as the organization's ultimate conscience,  helping to resolve conflicts, providing the continuity and history an organization needs to continue

improving.

Trusteeship of Gandhiji

"Supposing I have come by a fair amount of wealth – either by way of legacy, or by means of trade and industry – I must know that all that wealth does not belong to me; what belongs to me is the right to an honourable livelihood, no better than that enjoyed by millions of others. The rest of my wealth belongs to the community and must be used for the welfare of the community."  

Trusteeship of Gandhiji

In the first instance, everything must be surrendered to God and then out of it one may use only that which is necessary for the service of God's creation, according to one's strict needs.

When an individual had more than his respective portion, he became a trustee of that portion for God's people.

Gandhi suggested this doctrine as an answer to the economic inequalities a kind of nonviolent way of resolving all social and economic conflicts.

Trusteeship of Gandhiji ideal combination of economics and morals.

(i)Trusteeship provides a means of transforming the present capitalist order of society into an egalitarian one. It gives no quarter to capitalism, but gives the present owning class a chance to reform itself. It is based on the faith that human nature is never beyond redemption.

(ii) It does not recognize any right of private ownership of property except so far as it may be permitted by society for its own welfare.

(iii) It does not exclude legislation of the ownership and use of wealth.

Trusteeship of Gandhiji (iv) Thus under state regulated trusteeship, an individual will

not be free to hold or use his wealth for selfish satisfaction in disregard to the interests of society.

(v) Just as it is proposed to give a decent minimum living wage, a limit should be fixed for the maximum income that would be allowed to any person in society. The difference between such minimum and maximum incomes should be reasonable and equitable and variable from time to time, so much so that the tenancy would be towards the obliteration of the difference.

(vi) Under the Gandhian economic order, the character of production will be determined by social necessity and not by personal greed.

AIM

The revolutions that are raised from time to time in different countries are motivated by the same objectives of human dignity, justice, and equity.

It is very clear that the idea is relevant today as it aims at the social, economic, and political changes in the world.

Though the Gandhian concept of trusteeship provides us with an idea of how to narrow the class gap.

TRUSTEESHIP v/s MARXISM

Gandhian theory can be understood only in the context of certain basic spiritual values of the Indian tradition.

Marxian socialism aims at the destruction of the class called capitalists, whereas the Gandhian approach is not to destroy, but to reform it.

Gandhian socialism, being ethical, is different from Marxia'" socialism. Man, to him, is an ethical being first and a social being later.

TRUSTEESHIP v/s MARXISM

Marxian socialism harps on violence, Gandhian socialism aims at a change of heart on the part of the rich

Trusteeship and Philanthrophy

Trusteeship is a key aspect of philanthropy.

It is through the organization of volunteers into assistive governing bodies that many individuals are given an opportunity to serve both community and personal interests. An external board lends legitimacy to issues facing an organization and the overall community of which it is a part. Individual trustees provide necessary financial contributions as well as spread good will for the organization. Further, trusteeship teaches citizens that there is more to the world than individual need. It also helps ensure that corporate and/or self-interested influences are muted.

Gandhi deals with the concept of trusteeship at four different levels.

Firstly, he talks of Trusteeship as the sole means of continuously redistributing wealth and simultaneously assures the generation and intelligent use of wealth. This is an outcome of non-violence, for wealth could be redistributed coercively but the resulting greed of many and the resentment of the displaced paves way for social strife and self-alienation. The trusteeship therefore provides the owner the satisfaction of seeing himself as trustees of the wealth of the society.

Gandhi deals with the concept of trusteeship at four different levels.

Secondly, the concept of trustee was based on Gandhi’s practical psychological intuition. Gandhi understood the great value of acceptability in a stable social order. A proper redistribution can only be achieved when the element of fear is no longer is a repealing factor. Fear, which he symbolizes with weakness, creates an environment of distrust and hiding in a coop of self-protective formulations. This can only be countered by a fundamental change by creative, tolerant activity; sense of dignity and courage. The workers realize their importance in society and shed the fear of and distrust of the rich while the latter will no longer feel their existence threatened but would realize their great responsibility towards uplift-ment of society.

Gandhi deals with the concept of trusteeship at four different levels.

Thirdly, Gandhi said that the trusteeship concept could be achieved by implementing in degrees. He was bowed down by the fear of failure considering that if it did fails it would be one of the many conventional social proposals. But it was a success, its strength would be the principle and it would not have the weakness of inflexibility by creating spaces fro adjustment. Another strength of it was that action of a few towards it could break mental barrier which so subdues progress. Gradually, statutory trusteeship could be evoked where trustee’s power of appointment and states power of review will strike a balance for the welfare of people.

Gandhi deals with the concept of trusteeship at four different levels.

Fourthly, the time of Gandhi, as presently, was characterized by spiritual poverty and psychological failure. That made him visualize that the time was ripe for implementing a change.

Trusteeship for the Corporation

Need for modern foundation for business arises from three area

1. State creates and protects corporation and the purpose of the state is to further society’s interests.

2. Corporation itself is composed of collective people. Hence if individuals have moral standards corporation also should have moral standards

3. Corporation have wide ranging activities that impact the lives of people through the good and servvices they buy and sell

Organization following principle of trusteeship

Birla: is an example of how one business group incorporated trusteeship idea into its purpose

It has been the policy of house of Birla not to build up business with view of accumulation of capital but to develop unexplored lines, harness the underdeveloped resources of the company, create skilled labour and managerial talents, spread education