Equitable compensation

Where an agent received a benefit in breach of his fiduciary duty, he was obliged to account to the principal for such a benefit, and to pay, in effect, a sum equal to profit by way of equitable compensation

Principal's right to seek an account undoubtedly gave him a right in equitable compensation in respect of the bribe or secret commission, which equaled the quantum of that bribe or commission (subject to any permissible deduction in favour of the agent - e.g. for expenses incurred)

Where an agent acquired a benefit which came to his notice as a result of his fiduciary position, or pursuant to an opportunity which resulted from his fiduciary position, the general equitable rule was that he was to be treated as having acquired the benefit on behalf of his principal, so it was beneficially owned by the principal

In such cases, the principal had a proprietary remedy in addition to his personal remedy against the agent, and the principal could elect between the two remedies.