Conflicts of interest
26 Conflicts of interest
S. 26 substituted by No. 61/1996 s. 20.
If—
a member has a direct or indirect pecuniary interest in a matter being considered or about to be considered by the Board; and
the interest could conflict with the proper performance of the member's duties in relation to the consideration of the matter—
the member, as soon as practicable after becoming aware of the relevant facts, must declare the nature of the interest to the Board or, in the case of a proposed resolution notice of which is given under section 25A(1)(a), to the President.
The Board or the President must cause the declaration to be tabled at the next meeting of the Board and the person presiding at that meeting must cause the declaration to be recorded in the minutes of the meeting.
A member who has a conflict of interest in a matter—
must not be present during any deliberations on the matter, unless the Board directs otherwise; and
is not entitled to vote on the matter.
If a member votes on a matter in contravention of subsection (3)(b), the vote must be disallowed.
A member who has a conflict of interest in a matter must not be present during any deliberations leading to a direction, or take part in making a direction, under subsection (3)(a).
For the purposes of this section, a member is not to be regarded as having a conflict of interest—
in a matter relating to the supply of goods or services to the member if the goods or services are, or are to be, available to members of the public on the same terms and conditions; or
in a contract or arrangement only because that contract or arrangement may benefit a company or other body in which the member has a beneficial interest that does not exceed 1% of the total nominal value of beneficial interests in that company or body.
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