Regulación de conflictos de interés y deberes fiduciarios de los directores en las universidades chilenas

This article analyzes the logic that might justify a nondistribution constraint imposed over Chilean universities and the effects that such constraint has had in the higher education system during the last decades. Considering that particular condition, it is argued that transactions between universities and their related parties might be efficient and principles for dealing with them are then proposed, being inspired in the Chilean corporations law and the international experience. Finally, those principles are complemented with proposals for the regulation of fiduciary duties of individuals serving in universities’ boards of directors, aiming to promote further transparency in the activities of universities and encourage persons with talent and experience to participate in universities’ decision-making bodies.