1. Purpose
The purpose of this policy is to ensure that all trustees, employees, and volunteers of Esharelife Foundation act in the best interests of the charity and to protect the integrity and reputation of Esharelife Foundation by identifying and managing potential conflicts of interest.
2. Scope
This policy applies to all trustees, employees, and volunteers of the Esharelife Foundation.
3. Definition of Conflict of Interest
A conflict of interest arises when an individual’s personal, professional, or financial interests could potentially or actually influence their decision-making on behalf of Esharelife Foundation. Conflicts of interest may include, but are not limited to:
– Direct or indirect financial interests in a transaction or arrangement involving Esharelife Foundation.
– Non-financial or personal interests that may influence the decisions or actions of an individual within the charity.
– Situations where family, friends, business associates, or other close connections may benefit from the individual’s actions or decisions.
4. Duty to Disclose
All trustees, employees, and volunteers are required to disclose any potential or actual conflicts of interest as soon as they become aware of them. Disclosures should be made in writing to the Chair of the Board of Trustees or another designated person within the organization.
5. Procedures for Managing Conflicts of Interest
1. Disclosure:
– Any individual with a potential or actual conflict of interest must disclose it promptly and fully to the Chair of the Board of Trustees.
2. Recording:
– All disclosed conflicts of interest must be recorded in the minutes of the relevant meeting and in a register of interests maintained by Esharelife Foundation.
3. Decision-making:
– The individual with the conflict of interest must not participate in any discussions or decisions related to the matter.
– If the conflict of interest involves a trustee, they must not be counted towards the quorum for the related agenda item.
4. Independent Review:
– If necessary, an independent review may be conducted to assess the impact of the conflict of interest and recommend appropriate actions.
5. Ongoing Monitoring:
– The Board of Trustees will periodically review the register of interests and ensure that any conflicts of interest are being appropriately managed.
6. Confidentiality
All disclosures and discussions regarding conflicts of interest will be treated with confidentiality. Information will be shared only with those who need to know in order to manage the conflict effectively.
7. Consequences of Non-Compliance
Failure to disclose a conflict of interest or to comply with this policy may result in disciplinary action, up to and including removal from the board, termination of employment, or cessation of volunteer activities.
8. Review and Approval
This policy will be reviewed annually by the Board of Trustees and updated as necessary to ensure its effectiveness. All trustees, employees, and volunteers will be provided with a copy of the policy and will be required to acknowledge their understanding and acceptance of it.
By adopting and implementing this Conflicting Interests Policy, Esharelife Foundation] commits to maintaining high standards of integrity, transparency, and accountability in all its operations.