Conflicts of interest can be defined as any situation in which an individual director is in a position to exploit a professional or official capacity in some way for their personal benefit. The appearance of a conflict of interest is present if there is a potential for the personal interests of an individual to clash with fiduciary duties, such as a situation that has the potential to undermine the impartiality of a person because of the possibility of a clash between the director's self interest and the board interest or the organization's interest.
Conflict of Interest: Tool for Chair
1. Following the opening of the meeting, ask all Board members to declare any perceived conflict of interest arising out of any issues on the agenda.
- Record response:
- Name of Board member:
- Conflict issue:
2. Note the disclosure of the conflict of interest and the decision of the Board on how to deal with this conflict.
- Record response:
3. Confirm that, if a conflict of interest exists that provides a personal, material benefit to a Board member, that the named Board member will refrain from voting unless otherwise decided by the Board.
- Record response:
4. Ensure the minutes record the declaration of interests declared at this meeting.
- Record response:
- Date: