Conflict of Interest Policy
This policy is intended to protect the interests of SEAPERCH Foundation when it is considering entering into a transaction or arrangement that might benefit the private interest of an officer, director, or other individual in a position of authority within the Foundation.
What Is a Conflict of Interest
A conflict of interest may arise when a board member, officer, or key volunteer has a direct or indirect financial or personal interest that could compromise, or appear to compromise, the individual’s ability to act in the best interest of the Foundation.​
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Duty to Disclose
Any individual with a potential conflict of interest must disclose the existence of the conflict to the Board of Directors before any discussion or vote on the matter.​
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Procedures
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The individual with the conflict will leave the meeting during discussion and voting.
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The remaining Board members will determine whether a conflict exists.
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If a conflict exists, the Board may approve the transaction only if it determines the arrangement is fair, reasonable, and in the best interest of the Foundation.
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Compensation
Board members may not vote on matters regarding their own compensation. Any compensation must be reasonable and approved by disinterested members of the Board in accordance with applicable law.
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Annual Acknowledgment
Each director and officer will annually sign an acknowledgment affirming they have read, understand, and agree to comply with this policy.​
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Updates
We may update this policy from time to time. Changes will be posted on this page with a revised date.