a."It is quite clear that if an agent uses property, with which he has been entrusted by his principal, so as to make a profit for himself out of it, without his principal's consent, then he is accountable for it to his principal..... So, also, if he uses a position of authority, to which he has been appointed by his principal, so as to gain money for himself, then he is also accountable to his principal for it.... Likewise with information or knowledge which he has been employed by his principal to collect or discover, or which he has otherwise acquired, for the use of his principal, then again if he turns it to his own use, so as to make a profit by means of it for himself, he is accountable." Per Lord Denning MR in Boardman v. Phipps [1965] Ch 992.

In light of decided cases and statutory provisions, discuss the above statement with reference to the duties of an agent towards his principal.