Hawaii Conflict of Interest Policy
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How to fill out Conflict Of Interest Policy?
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FAQ
The University of Hawaii non-discrimination policy affirms the commitment to provide an inclusive environment for all students and employees. This policy prohibits any form of discrimination based on race, gender, age, and several other factors. By integrating this with the Hawaii Conflict of Interest Policy, the university strengthens its dedication to ethical and equitable practices.
The consequences of not dealing with a conflict of interest can be significant. It can result in reputational risk, a failure to act in the best interest of the entity, and poor governance.
Assessing the severity of a conflict of interest depends on determining: (i) the likelihood that public interests or workplace decisions made in the relevant circumstances would be unduly influenced by a private interest, and (ii) the seriousness of the harm or wrong that could result from such influence.
If your personal circumstances change which may impact on your duties or research and could or do lead to an actual, potential or perceived conflict of interest, you should lodge a Declaration of Conflict of Interest.
A conflict of interest may lead to legal ramifications as well as job loss. However, if there is a perceived conflict of interest and the person has not yet acted maliciously, it's possible to remove that person from the situation or decision in which a possible conflict of interest can arise.
Conflict of InterestContractual or legal obligations (to business partners, vendors, employees, employer, etc.)Loyalty to family and friends.Fiduciary duties.Professional duties.Business interests.
To avoid common misunderstandings of the concept that can lead to misplaced and ultimately ineffective or counterproductive policies, the committee stresses the importance of each of the three main elements of a conflict of interest: the primary interest, the secondary interest, and the conflict itself.
What to Include in a Conflict of Interest Policy. At its core, a board member conflict of interest policy should (a) require those with a conflict (or a potential conflict) to disclose it, and (b) prohibit any board members from voting on any matter in which they have a personal conflict.
Examples of Conflicts of Interest At WorkHiring an unqualified relative to provide services your company needs.Starting a company that provides services similar to your full-time employer.Failing to disclose that you're related to a job candidate the company is considering hiring.More items...
The purpose of the conflict of interest policy is to protect the FIRST's (Organization) interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the Organization or might result in a possible excess benefit transaction.
