Who can be a trustee of a body corporate?

A body corporate or corporate trustee is any person concerned with the management of affairs relating to any trust where a corporate body is concerned. This means a trustee is an important person when it comes to the running of the administration of the trust, in ensuring that the terms set out in the trust are followed, and decisions concerning the asset that constitutes the trust's asset are concerned. The following persons or entities can be appointed as trustees of a body corporate:

1. Corporate Bodies: A body corporate may appoint another corporate entity to act as a trustee, such as a trust company or professional trustee company. A company of this nature will have specialized in trust management, having acquired the resources and expertise to take on complex structures of trusts where large sums of assets are at stake.
2. Individuals with Relevant Expertise: In certain instances, the trustee is appointed by reason of expertise in either the law, accountancy, or business, especially for corporate structures, asset protection, and compliance matters. Qualifying individuals are fewer in supply, their selection emanating largely from particular experiences and the complexity of the trust.
3. Directors of the Corporate Trustee: If a corporate trustee is involved, the directors or officers of such a trustee may be appointed to deal with the affairs of the body corporate. This director shall be expected to observe the fiduciary duties, and the due administration of the trust in accordance with the trust deed.
4. Professional Advisors: Sometimes, accountants lawyers, or even other financial advisors, are appointed as trustees of the body corporate. Very often, their role is that of advisors on legal and taxation matters to make sure that the trust is not in jeopardy from a regulatory point of view.
5. Public or Government Trustees: In some other jurisdictions, the public or government trustees are appointed when the trust has certain public or charitable objects. Normally, they are appointed by the government or courts to ensure that the management of the trust will be in accordance with public policy.

Whether or not a body corporate will be suitable for appointment as trustee will depend on the nature of the trust, the assets involved, and the particular requirements of the trust deed. Indeed, the trustee so entrusted with the powers to manage a particular trust should be qualified with the necessary skill, expertise, and impartiality.