The Directors of a corporate Trustee have a fiduciary duty to the company and the company as a legal person has a fiduciary duty to the beneficiaries of the trust administered by the company as a Trustee.
In Ninety-First Lieutenant Pty Ltd v Gateway Concepts Pty Ltd & Ors  VSC 85 the Supreme Court of Victoria referring to Young v Murphy  1 VR 292 ruled at :
“The Court of Appeal distinguished this from a situation where the directors of the former trustee had participated in and procured the breaches of trust by the former trustee. In such cases, the beneficiaries would be able to sue on the basis of the second limb of Barnes v Addy. Where the pleadings allege participation and procurement, Young v Murphy will not stand in the way of the proceedings.”