Disclosure of pecuniary interests
8 Disclosure of pecuniary interests
If—
a member has a direct or indirect pecuniary interest in a matter being considered or about to be considered at a meeting of the Board, and
the interest appears to raise a conflict with the proper performance of the member’s duties in relation to the consideration of the matter,
the member must, as soon as possible after the relevant facts have come to the member’s knowledge, disclose the nature of the interest at a meeting of the Board.
A disclosure by a member at a meeting of the Board that the member—
is a member, or is in the employment, of a specified company or other body, or
is a partner, or is in the employment, of a specified person, or
has some other specified interest relating to a specified company or other body or to a specified person,
is a sufficient disclosure of the nature of the interest in any matter relating to that company or other body or to that person which may arise after the date of the disclosure and which is required to be disclosed under subclause (1).
Particulars of any disclosure made under this clause must be recorded by the Board in a book kept for the purpose and that book must be open at all reasonable hours to inspection by any person on payment of the fee (if any) determined by the Board.
After a member has disclosed the nature of any interest in any matter, the member must not, unless the Board otherwise determines—
be present during any deliberation of the Board with respect to the matter, or
take part in any decision of the Board with respect to the matter.
For the purposes of the making of a determination by the Board under subclause (4), a member who has a direct or indirect pecuniary interest in a matter to which the disclosure relates must not—
be present during any deliberation of the Board for the purpose of making the determination, or
take part in the making by the Board of the determination.
A contravention of this clause does not invalidate any decision of the Board.
This clause does not apply to or in respect of an interest of a member in a matter or thing which arises merely because the member is a contributor to a superannuation scheme.
This Act’s bill:Explanatory memorandumSecond reading speech
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