This note is about fiduciary (trustee-like) duties. A fiduciary owes strict fiduciary duties, pre-eminently a duty of loyalty, to the other person in the fiduciary relationship, for example, a trustee's beneficiaries or, in the case of an agent, the agent's principal or, in the case of a company director, the company. The note examines the no conflict and no profit rules, and the modified versions of those rules that apply to company directors.