What is the equitable concept of a fiduciary duty?

The equitable concept of a fiduciary duty is to be distinguished from causes of action that arise in contract and tort. This important difference was noted by McLachlin C.J.C. in Norberg v. Wynrib, supra, at ¶65: In negligence and contract the parties are taken to be independent and equal actors, concerned primarily with their own self-interest. Consequently, the law seeks a balance between enforcing obligations by awarding compensation when those obligations are breached, and preserving optimum freedom for those involved in the relationship in question. The essence of a fiduciary relationship, by contrast, is that one party exercises power on behalf of another and pledges himself or herself to act in the best interests of the other.