1. Purpose
The purpose of this Conflict of Interest (COI) Policy is to protect the integrity of BUDS UK's decision-making process, to ensure the charity's stakeholders have confidence in our integrity, and to protect the integrity and reputation of our volunteers, and Board of Trustees (BOT).
2. Scope
This policy applies to all BOT, volunteers, and consultants of BUDS UK.
3. Definition of Conflict of Interest
A conflict of interest occurs when an individual's personal interests could improperly influence their judgment, decisions, or actions on behalf of BUDS UK. Conflicts of interest can involve financial gain, personal relationships, or other benefits.
4.1 Duty to Disclose
All BOT, volunteers, and consultants must disclose any actual, potential, or perceived conflicts of interest as soon as they become aware of them.
4.2 Annual Disclosure
Each BOT must annually sign a statement affirming they have received, read, and agree to comply with the Conflict of Interest Policy and disclose any known conflicts of interest.
4.3 Procedures for Addressing Conflicts
- Disclosure: the interested person must disclose the conflict and all material facts to the board.
- Discussion: the interested person may make a presentation but must leave during discussion and voting.
- Determination: the remaining BOT will decide if a conflict exists.
- Decision: approve with safeguards, require recusal, or refuse the transaction.
4.4 Agenda and Reporting
Every BOT meeting agenda must include a standing item for the disclosure and reporting of any conflicts of interest. Any conflicts disclosed during the meeting must be reported in the meeting minutes.
4.5 Record Keeping
- Names of persons who disclosed or were found to have a conflict of interest.
- The nature of the conflict.
- The decision made to address the conflict.
- Names of persons present for discussions and votes.
- Content of the discussion and any alternatives considered.
5. Violations
If the BOT has reasonable cause to believe someone failed to disclose a conflict, the person will be informed and given an opportunity to explain. After investigation, if a failure to disclose is found, the board will take appropriate disciplinary and corrective action.
6. Periodic Reviews
Periodic reviews ensure compensation arrangements and benefits are reasonable and the result of arm's-length bargaining; and that partnerships, joint ventures, and management arrangements conform to written policies, are properly recorded, and further charitable purposes.