Содержание обязанности доверительного управляющего разумно вести инвестиционную деятельность (часть 1)

Вестник экономического правосудия Российской Федерации. 2026. № 1. С. 87–137.

Khandkarov I.

Agents, including trustees and corporate directors, very often engage in investing on behalf of their principals. Requirements of reasonableness and bona fide conduct apply to investing, as well as to other actions of agents. At the same time, determining the content of the reasonableness requirement is often problematic, as the question arises as to how to distinguish the consequences of market risk from the negligence of the manager. Unlike in several foreign legal systems, it is hardly possible to say that Russia provides a sufficiently clear answer to this question. This article aims to contribute to filling this gap. It is published in two parts. In the first part, we substantiate the legitimacy of applying the general standard of investment management to various categories of agents and describe the factors that influenced its formation. We also consider foreign approaches to defining the reasonableness of investments and analyse the fragmentary regulation of this issue in Russian law.

Keywords: инвестиции, investments, агентская проблема, agency problem, duty of care, business judgment rule, prudent investor rule, обязанность действовать разумно, правило защиты делового решения, правило разумного инвестора