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.
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.
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.
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.
Annual Acknowledgment
Each director and officer will annually sign an acknowledgment affirming they have read, understand, and agree to comply with this policy.
Updates
We may update this policy from time to time. Changes will be posted on this page with a revised date.