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Governance of CCRC/LifePlan Communities

Fiduciary Responsibilities of Management
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In the March 5 AV Powell Webinar, Jack Cummings mentioned in the question and answer section that the California Legislature ruled that CCRC board of directors do not have fiduciary responsibility to residents (at time 114:40, i.e. in the part that has been cut off in the archived version).

This is consistent with the behavior of our BoD.

I would like to know the rationale behind this conclusion and general thoughts on the subject.
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