I.   Introductory Provisions

Standards are the second of thirty-three (33) Administrative Elements of Trust being the principles, means and measures of excellence used to compare the results of all activities and administrative duties.

The Four Key Standards of any valid Trust or Estate or Fund are the Standards of Character, Ethics, Elements and Systems:

(i) The Standards of Character are the eight (8) standard characteristics of a Trustee as Fiduciary being Integrity, Frugality, Prudence, Humility, Faculty, Competence, Accountability and Capacity; and

(ii) The Standards of Ethics are the seven (7) standards of ethics expected of all party to the Trust or Estate or Fund being Respect, Integrity, Commitment, Enthusiasm, Compassion, Cheerfulness and Discernment; and

(iii) The Standards of Elements are the twenty-two (22) elements of a valid Trust or Estate or Fund being Rules, Standards, Procedures, Forms, Instruments, Books, Transactions, Registers, Rolls, Accounts, Records, Manifests, Inventories, Memoranda, Journals, Ledgers, Summaries, Certificates, Audits, Transfers, Conveyances and Computations; and

(iv) The Standards of Systems are the three (3) primary areas of systems in association with any competent Trust or Estate or Fund Administration being Records Management Systems, Fund Reporting Systems and Administrative Processes Systems.

The Standards of Ethics are the seven (7) standards of ethics expected of all party to the Trust or Estate or Fund being Respect, Integrity, Commitment, Enthusiasm, Compassion, Cheerfulness and Discernment:

(i) Respect exemplified by the expression and affirmation “I choose to treat all people with dignity and respect, regardless of race, religion or creed”; and

(ii) Integrity exemplified by the expression and affirmation “I choose to give my word carefully and to keep and honor my promises”; and

(iii) Commitment exemplified by the expression and affirmation “I trust my colleagues and rely upon them to achieve success”; and

(iv) Enthusiasm exemplified by the expression and affirmation “I am passionate about the objectives of the Company”; and

(v) Compassion exemplified by the expression and affirmation “I care for my colleagues and their well being and am sensitive not to unnecessary cause harm, or controversy or injury”; and

(vi) Cheerfulness exemplified by the expression and affirmation “I choose to welcome each day with positive aspirations”; and

(vii) Discernment exemplified by the expression and affirmation “I choose to take time before rushing to judgment or any action based on emotion”.