Conflict of Interest Policy
The Conflict of interest policy is intended to protect MSCS from any appearance of impropriety, decision making or transactions/arrangements that could impede the best interestnfl bengals jersey nike air max 97 mens custom jerseys football nfl jersey sales adidas ultraboost shoes nike air jordan 4 black canvas nike air max 95 Human hair Wigs best adidas shoes best wigs nike air max 90 wigs for sale cheap wigs near me jordan 4s cheap nfl fantasy of MSCS as a result of conflict of interest situations involving any of the staff members.
2.1 Staff members have an obligation to act in the best interest of MSCS and not use his/her position or knowledge to advance a personal interest at MSCS’s expense.
2.2 A staff member’s obligation to conduct business on behalf of MSCS in an honest and ethical manner includes the appropriate handling of actual, potential and/or perceived conflicts of interest.
2.3 A conflict of interest arises when the personal interests of the staff member may potentially interfere with the performance of his/her duties in MSCS. When actual, potential or perceived conflict of interest arises, the integrity, fairness and accountability of the person may be affected, which could impede the best interest of MSCS.
3.1 Affiliate or Close Associate refers to the following:
- Spouse, domestic partner, child, mother, father, brother or sister or close associates;
- Any corporation, business or non-profit organisation of which you serve as staff member, officer, partner, participant in Management or are employed by;
- Any trust or other estate in which you have a substantial interest or as to which you serve as a trustee or in a similar capacity.
3.2 Conflict of Interest Situations
Conflict of interest situations include but are not limited to the following:
3.2.1 Contract with vendors
Where any staff member has personal interest in business transactions or contracts that MSCS may enter into, he/she would make a declaration of such interest as soon as possible and refrain from discussion and decision-making on the matter (including voting on the transaction or contract). All such discussion and evaluation by the staff or relevant approving authority in arriving at the final decision on the transaction/contract should always be well documented.
3.2.2 Other organisations that have dealings/relationship with MSCS
Where any staff member has vested interest in another organisation that has dealings/relationship with MSCS, and when matters involving the interests of both MSCS and the other organisation are discussed, he/she would be required to make a declaration of such interest. Where the staff decides that such interest results in conflict of interest, the staff member shall not be involved in discussion and decision-making on such matters.
Vested interest could also cover financial interest if the staff member has a financial interest directly or indirectly, through affiliations via business, investment, or close relation. However, a financial interest may not necessarily be a conflict of interest.
The Management shall decide if a financial interest results in a conflict of interest when any one of the following criteria is met, i.e., when the staff member:
- Owns or has investment interest in any entity with which MSCS has a transaction or arrangement; or
- Receives a compensation arrangement with MSCS or with any entity or individual where a transaction or arrangement is present; or
- Potentially owns or has investment interest, compensation arrangement with any entity or individual with whom MSCS is negotiating a transaction or arrangement.
3.2.3 Joint ventures
The Board and Management’s approval should be sought before MSCS enters into any joint ventures with external parties. Where any staff member has interest in such ventures, he/she would be required to make a declaration of such interest. Where the Board or Management decides that such interest results in conflict of interest, the staff member shall not be involved in discussion and decision-making on the matter.
3.2.4 Recruitment of staff member
Recruitment of staff member who is a close associate of a current staff member or Board member should go through the established human resource procedures for recruitment.
The staff member should make a declaration of such relationships as soon as this comes to his/her attention or upon notification by MSCS and should refrain from influencing decision on the recruitment. Such employment should not be made priority, and the two individuals cannot be employed in the same department.
New applicants applying for a position in the same department as a close relation with current staff member will not be considered for employment.
3.2.5 Restriction of paid staff member to be part of the Board
Paid staff member, including the Executive Director (ED) and senior staff member employed by MSCS, should not serve as a member of the Board as it can pose issues ofconflict of interest and role conflicts, and may affect the independence and objectivity of decision-making by the Board.
The ED and senior staff member can attend Board or Board Committee meetings, ex-officio, to provide information and facilitate necessary discussion but should not take part in the decision-making of the Board.
Any staff members are prohibited from receiving gifts, entertainment or other favours from any entities or persons which do or seek business with MSCS.
4. Disclosure Requirements
4.1 Measures to Address Conflict of Interest
Transactions with parties with whom a conflict of interest exists may be undertaken only if all of the following are observed:
- Duty to disclose in connection with any actual or possible conflict of interest – a staff member must disclose the existence of the financial or relational interest and disclose all material facts to the Board;
- Deliberation by the Management and/or Board if a conflict of interest situation exists – the staff member shall be interviewed by the Management to determine whether a conflict of interest exists and in the case of an existing conflict, the Management shall deliberate whether the contemplated transaction may be authorised as just, fair and reasonable to MSCS. The deliberation should take into consideration if the transaction in question is in the best interest of MSCS and if a competitive bid or comparable valuation exists. The decision of the Management on these matters will rest in their sole discretion, based on the welfare of MSCS and the advancement of its purpose. Should the staff member in question be a member of the Management or the ED, the interview and deliberation shall be carried out by the Board.
- Exclusion from decision making – the staff member with the conflict of interest shall be excluded from the discussion and approval of such transaction.
- All decisions made by the Management and/or Board on such matters shall be minuted/recorded and filed.
4.2 Record Keeping
Any disclosure of interest made by any staff member where he/she may be involved in a potentially conflicting situation(s), must be recorded, filed and updated appropriately by all specified parties, including the reporting officer of said staff member, Corporate Services (CS) department, Management and ED.
5. Violation of the Conflict of Interest Policy
5.2 If the Management has cause to believe a staff member has failed to disclose possible conflicts of interest, it shall inform the member of the basis and the member will have an opportunity to explain the lack of disclosure.
5.3 If the Management determines that a staff member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.
6. Annual Declaration and Compliance with the Policy
6.1 Each staff member of MSCS will sign an annual declaration which affirms:
- Receipt of a copy of the conflict of interest policy and understanding of the policy; and
- Agreement to comply with the policy.
6.2 The Board and Management shall regularly and consistently monitor and enforce compliance with this policy by renewing and reviewing (i) the annual declarations made by the Board and staff members, (ii) any positive declaration and relevant records of affected transactions, and taking necessary actions where needed.
7. Policy Update
7.1 The Board and Management shall review this policy annually and on an ad hoc basis where required.
7.2 Any changes should be notified to the Board and any material changes should be approved by the Board prior to implementation.
7.3 Management will communicate changes to the policy to all Board members in a timely manner.
7.4 This policy was last reviewed and updated on 30 December 2020.