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Purpose Of The Conflict Of Interest Policy (ICMB)

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Purpose The purpose of the conflicts of interest policy is to protect the interest of ICMB when it is contemplating entering into a transaction or arrangement that might benefit the private interest of the board member, officer, employee of ICMB or any other interested person, as defined below. This policy supplements (but cannot replace) any applicable laws governing conflicts of interest applicable to nonprofit corporations. The procedures set forth in this policy shall be used for all actual or potential conflicts of interest transactions that the ICMB proposes to undertake, including, but not limited to any compensation arrangement between the ICMB and an interested person. Article 1 Definitions 1. Interested Person- Any board member, officer member of committee with the board-delegated powers, or any other person who is in the position to exercise substantial influence over the decisions of the board who has direct or indirect financial interest, as defined below is an interested person. Also …show more content…

2. Financial Interest- A person has a financial interest if the person has or is directly or indirectly through business investment, or family- a. An ownership or investment interest in any entity which ICMB has a transcition or arrangement or b. A compensation arrangement with ICMB or with any entity or individual which ICMB has a transcition or arrangement, or c. A potential ownership or investment interest in, or compensation arrangement with, any entity or indivial with which ICMB is negotiation a transaction or arrangement or d. Is competing with ICMB or e. Is rendering consultative services to any concern with which ICMB does business, or f. Is accepting gifts and gratuities or g. Is disclosing

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