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A fiduciary duty is a higher standard than "good business judgment". They really don't act together since a fiduciary duty inherently includes good business judgment as well as anything less than that. They are both "standards" by which conduct is judged.
A fiduciary duty is the highest legal duty that there is. It is stricter than a parent's duty to a child, a spouse's duty to the other spouse, etc.
If you show that the fiduciary duty was breached then inherently they didn't use good business judgment.
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Not exactly. Good business judgment is less than doing their fiduciary duty.
Let me give you an example. Let's assume there is a trust account that the HOA maintains and which they owe a fiduciary duty over. They could invest the money in savings bonds, CDs, etc. but they could not invest the money in a stock which carries any risk at all, even a stock that all stockbrokers agree is one that anyone using "good business judgment" would invest in. Their duty is to protect the trust, not make as much money as possible.
They could use "good business judgment" as a part of showing they followed their fiduciary duty but that alone is not enough.
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