There are people who deliver their time for “non-profit organizations” as board members. Hence, it is not so difficult to recognize or forget conflict of interest in such a scenario. Keep in mind that a possible conflict exists in situations where a person’s financial or other vested interests can directly and considerably affect his/her professional decisions or actions. As a board member, you get the authority to take decisions regarding anything. Say for example, you have decided your son to be handling your friend’s business who can do some contractual work for the company at good rate. Such things are okay but you should identify if there is any sort of conflict of interest and act aptly being under the law and constitution.
Conflict of Interest – The Definition with Illustration
So what conflict of interest is? To put it in simple terms, it can be defined as a circumstance wherein a corporation or a professional has personal interests making them an undependable source. Such personal interests can be: