08/30/2024
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08/30/2024
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A Conflict of Interest Policy is used by companies to set out the rules and guidelines for instances when a conflict of interest might occur.
A company usually expects the members of its board of directors, its employees, and consultants (collectively, "employees") to exercise fairness, impartiality, and transparency in all its transactions for the benefit of the Company and all its stakeholders. To do this, a company would usually require its employees to report any situations where a conflict of interest may arise. A conflict of interest may occur when a judgment, decision, and discretion of an employee may be influenced or compromised or may appear to be influenced or compromised by their personal, private interest that is in conflict with their professional obligations.
Once a report of a conflict of interest is made, the policy will also outline the procedure for resolving the conflict. Specifically, it will specify the person to whom a report should be submitted, the persons who will resolve the conflict of interest, and ultimately, the actions to be taken to address the conflict of interest.
This document is drafted specifically for private companies.
The user should enter all the information necessary to complete this document (for instance, the name of the company, for which the present Policy shall be adopted, the date on which this Policy becomes effective, etc.). Once the document is completed, it should be reviewed by all the persons who will sign and approve the policy.
The policy should then be distributed to all of the company's employees for their information and compliance.
The Revised Corporation Code of the Philippines is the primary law that governs corporations in the Philippines. However, other laws and issuances may also be applicable.
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Conflict of Interest Policy - sample template
Country: Philippines