Declaration of potential or actual Conflict of Interest
Introduction
This Policy outlines the principles applying to the declaration and management of actual
and potential conflict of interest situations.
Scope
This procedure applies to all staff employed by Huxley Hill, including contractors
(hereafter collectively referred to as “staff”).
Objectives
The objectives of this policy are:
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to protect Huxley Hill’s interest in impartial and objective decision making
to protect the reputation of Huxley Hill by maintaining ethical standards of good
judgement, fairness and integrity in all its dealings
to ensure that staff always observe the highest standard of business ethics
to avoid any activity or interest that might reflect unfavourably upon a staff
member’s own integrity and good name, or upon the integrity and good name of
Huxley Hill and clients.
Business risks
Business risks need to be effectively managed to ensure Huxley Hill’s commercial interests
and reputation are protected. In particular, business risks must be managed where there is
the potential for:
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staff members to act in a way which is not, or is perceived not to be, in the best
interests of Huxley Hill
financial loss to Huxley Hill because of the staff member’s actions
damage to Huxley Hill’s reputation or resulting negative press because of the staff
member’s actions
boundaries to be blurred between Huxley Hill and its interests, and an external
company and its interests
Policy provisions
All staff members performing duties for Huxley Hill are required to act in good faith
towards Huxley Hill and clients.
Staff members must ensure there is no conflict or perceived conflict of interest between
their personal interests and their duties, obligations and responsibilities to Huxley Hill.
This typically occurs when an individual has two competing interests. Where such a
conflict occurs, the interests of Huxley Hill will be balanced against the interests of the
staff member. Unless exceptional circumstances exist the balance of interests will be
resolved in favour of Huxley Hill.
Conflict of interest can be financial or personal and involves the interests of a staff member
or members of the staff member’s family or friends.
It is the responsibility of each staff member to disclose actual or potential conflicts of
interest to their Manager and stand down in any decision making process where they may
be compromised.
Failure of a staff member to disclose a potential or actual conflict of interest constitutes a
breach of Huxley Hill policy and may result in disciplinary actions. Depending on the
nature and impact of the conflict of interest situation, other action may be instigated,
including legal action.
It is not appropriate for peers or subordinates of a staff member who is compromised to be
involved in the management of the conflict of interest. Such staff are not considered to be
outside the sphere of influence of the staff member concerned.
Confidentiality is to be maintained at all times by all persons involved and Huxley Hill
will seek to ensure that confidential disclosures are protected from misuse. Nothing
precludes either the staff member who has disclosed the conflict of interest or the Manager
to whom the disclosure was made from seeking advice from the Managing Director on
any matters relating to this policy.
Review of Policy
Huxley Hill’s Compliance Manager is responsible for the content and administration of
the Policy. The Compliance Manager will closely monitor compliance with this Policy, as
well as its effectiveness.
The Policy is reviewed every two years, or more frequently in line with changes in
legislation.
All staff are required to re-acquaint themselves with this Policy every year.
Procedure steps and actions
Procedure
Responsibility
Timeline
1. A Manager who becomes aware of a potential or Manager
actual conflict of interest may instigate this procedure.
When potential for
conflict of interest
is identified
2. A staff member involved in a situation where there Staff member
is or may be a conflict of interest must disclose this
situation in writing.
Immediately when
potential for
conflict of interest
is identified
The staff member must also withdraw himself or
herself immediately from the situation giving rise to
the conflict, pending advice from the Manager to
whom the disclosure was made.
Where a staff member, contractor or consultant is
unsure on whether a situation is a potential or
perceived conflict of interest he / she should seek
advice from their Manager or Managing Director.
3. a) Where the Manager decides there is no conflict of Manager
interest then the staff member is authorised to
continue the activity.
Following review
of declaration
However, the Manager and staff member must
identify the circumstances in which conflict of interest
could occur, and how it would be resolved.
3. b) Where the disclosed situation reveals a conflict of Manager
interest, or is likely to be perceived as involving a
conflict of interest, the Manager must:
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Following review
of declaration
ask the staff member to take action to remove
the conflict of interest or
reorganise the duties of the staff member so as
to remove the conflict of interest or
if considered necessary, ensure that the staff
member’s involvement in the situation or
activity is withdrawn immediately, and
establish parallel or alternative arrangements
specifically for the purpose of the activity
4. The Manager must record agreements regarding Manager
how to manage the potential or actual conflict of
Following review
of declaration
interest in writing.
The Manager will retain a copy, provide a copy to the
staff member and forward a copy to the Managing
Director to be placed on the staff member’s personal
file.
5. Where the withdrawal of involvement in the Manager
situation is not practical or appropriate and
involvement does not breach any statutory or other
duty, the Manager (following consultation with the
staff member) will ensure that others involved in the
situation are informed of the potential conflict of
interest.
6. Where the Manager does not agree to allow the Staff member
activity that is the subject of the disclosure to continue,
the staff member may seek to renegotiate this through
a meeting with the Managing Director.
Date of Policy: October 2014
Date due for revision: October 2016
Following review
of declaration
Following a
decision by the
Manager that the
staff member must
cease the activity