This chapter considers the obligations borne by trustees either under the trust instrument or under the general law of trusts. The duties of the trustee are built around concepts of loyalty and good conscience. The trustee is one example of a more general concept of English law: the fiduciary. The Trustee Act 2000 introduces a code of provisions that relate primarily to the appointment of agents, nominees and custodians by trustees and particularly introduces provisions in relation to the investment of trust funds. The board of trustees was divided between executives of the trade union and executives from the Coal Board. The most profitable investment identified by the trustees was in companies working in oil and also in South Africa. The self-dealing principle restricts the ability of a trustee to deal with trust property in a personal capacity. Trustees must give informed consideration to the exercise of their discretion.