North Carolina Board of Directors Confidentiality Policy
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How to fill out Board Of Directors Confidentiality Policy?
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FAQ
As a board member, you have an obligation to hold in confidence those things that are mutually determined by your fellow board members to be confidential.
Whereas NDAs are often used in business and legal settings to protect trade secrets, client lists, and financial data, confidentiality agreements are typically devised in employment or personal situations to protect sensitive information.
The policy should include a statement of the directors' duty of confidentiality and explain that they are not to disclose or discuss confidential information about the organization's matters with another person or entity, or use it for their own purposes, unless the board authorizes them to do so.
Whatever I see or hear of a confidential nature or that is confided to me in my official capacity will be kept ever secret unless revelation is necessary in the performance of my duty.
Board members have a fiduciary duty to keep confidential information confidential. Who Can Waive Confidentiality? The authority to release information is held by the board as a whole, not by individual directors. Once the information is released, it cannot be taken back.
A board member who reveals confidential information without the approval of the board is, in essence, acting beyond the extent of their authority. Therefore, they can be found personally liable for their actions.
As part of the duty of loyalty, a director cannot take advantage of corporate information for his or her own personal interests. A director generally must protect the privacy and secrecy of the corporation's legitimate internal activities.