Examples Of Conflict Of Interest

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1. Purpose / Objective To provide guiding principles and rules for preventing or managing Conflict of Interest (COI) situations whether existing, potential or perceived. Conflict of Interest situation arises when an employee’s personal interests either influence, have the potential to influence, or are perceived to influence their decision making at XXX Group (XXX). XXX Employees must ensure that employee’s business judgment and decision making is not influenced by undue personal interests. 2. Scope: This policy applies to all employees of XXX and employees of its subsidiaries and associated entities. 3. Definitions 3.1. Conflict of Interest (COI): A conflict of interest exists when an employee is called upon to make or is involved in any…show more content…
Common examples of COI: • Making a personal gain / profit from any business opportunities belonging to XXX or that employee have learned about during the course of his/her employment with XXX as its employee. • Taking a part-time job or other employment where employee is tempted to spend time during working hours or to use XXX’s resources or assets to complete these activities. • Holding a financial interest in an entity while being in a position to influence XXX’s business relationship with that entity. • Serving on the board of another corporation, university or charitable institution where employee will be involved in investment or financial decisions that could affect XXX. • Receiving gifts and or special favors, for example discounts or free services, from a third party during the course of his/her employment where employee can influence XXX’s business relationship with this party. • Soliciting customers, suppliers and other business contacts outside of the Company for donations to a charitable cause where employee is personally…show more content…
Disclosure of Conflict of Interest: It may not always be possible or practical to avoid conflict of interest at all times. When an employee is not in position to avoid conflict of Interest in a given situation, he / she must disclose the existing / potential / perceived conflict of interest to his/her line Manager. Formal submission of COI Declaration form must be ensured for record purposes for each disclosure. In today’s dynamic business environment change is the only constant, hence existing disclosures may not be relevant at a future date, in such circumstances a fresh and up to date disclosure of interest should be made by the concerned employee. New hires should disclose all conflicts of interests during the hiring process. All employees are required to file an annual declaration of conflict of interest on a standard form (Appendix -1 to this policy). HR Department to govern this process. Intentional non-disclosure of conflict of interest would lead to disciplinary measure as per Company Policies and Procedures. Employees who came to the knowledge of a potential violation or suspected violation of this policy by other employees are encouraged to report the matter to HR or Head of Internal Audit on urgent basis, without having any fear of

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