Oklahoma Board of Directors Confidentiality Policy
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How to fill out Board Of Directors Confidentiality Policy?
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FAQ
Issue a Letter Addressing the Breach The letter should remind the member of their fiduciary duty and explain in clear terms that they are not allowed to reveal confidential matters. This is otherwise known as a censure. If that does not get their attention, you can follow up with a cease-and-desist letter.
For board members serving a for-profit business, virtually everything discussed within a board meeting is totally confidential. Breaching that trust can even have legal consequences to a board member with the proverbial ?loose lips?.
The duty of loyalty prohibits a director from using his or her corporate position to obtain a personal profit or to gain a personal advantage.
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.
Duty of confidentiality means board members must keep certain types of information confidential. They must not use the information they see or hear in the scope of their position for personal gain.
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.
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.
