Is a director of a company a trustee?

The first issue that needs to be addressed is whether a company director is a trustee. It is not a question with a clear-cut answer. In Selangor United Rubber Estates v. Cradock, [1968] 1 W.L.R. 1555, [1968] 2 All E.R. 1073 at 1091-92 (Ch. D.), the court stated: On occasion directors have been said to be trustees and on occasion not to be trustees. Like so many interminable arguments in philosophy, economics and everyday life, its resolution depends largely on definition of terms in this case of “trustees” and then on the ambit of its proper application to directors.