Interests

The purpose of the Register of Directors Interests is to provide a simple and voluntary format for all Directors to place on record any declaration that they wish to make regarding any matter which, especially without declaration, could be construed to give rise to a conflict of interest or business influence.

Directors have a duty to avoid conflicts of interest, and must also notify the board of personal interests which may conflict with their duty as directors to act in the company's best interests. Personal interests can be "situational" e.g. holding another position which has the potential to conflict with the company's interests, which is normally acceptable provided it is declared, and "transactional", where the director has an interest in a transaction the company is contemplating, where a director will normally be expected to withdraw from discussions and voting on the matter. 

Matters which might be considered include (but are not restricted to): 

• Other Directorships

• Sponsorships, Gifts, Benefits, Hospitality including overseas trips 

• Remunerated employment

• Significant shareholding (in terms of type of company, total value of shareholding or percentage of shareholding)

• Relevant and specific employment status of any close family members or business partners. 

The company has been advised that all directors should be reminded that the signing of an NDA with any third party could represent a conflict of interest. A director should either declare a blanket conflict of interest and remove themselves from all board activity until the resolution of that conflict; or resign which is then a matter for public record. 

Some more notes on intersts can be found HERE