Nothing in particular for the title itself. However, wizards who have that level of power tend to be guild masters, if not members of the council itself, so they must act in a way that provides a good example for the rest of the wizarding community.

...Some wizards, however, let the title go to their head - one waged a war on our guild over a petty grudge, because he believed that the title meant that he was unstoppable. His title was removed shortly after, thankfully, and his guild was disbanded.