Conflict of Interest Policy
A formal governance document that establishes procedures for identifying, disclosing, and managing situations where a director's, officer's, or employee's personal interests could potentially influence their professional judgment or decisions. The policy typically requires disclosure of financial interests, relationships, or activities that could create conflicts, and outlines recusal procedures for conflicted individuals during board votes. Conflict of interest policies are essential for nonprofits and a best practice for all organizations.
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