Conflict of Interest Policy
Last updated November 16, 2022
THE MARY K. YAP FOUNDATION IS COMMITTED TO MAINTAINING THE HIGHEST STANDARDS OF INTEGRITY, TRANSPARENCY, AND ACCOUNTABILITY IN ALL OUR ACTIVITIES. THIS CONFLICT OF INTEREST POLICY IS DESIGNED TO ENSURE THAT THE BEST INTERESTS OF THE FOUNDATION AND ITS BENEFICIARIES ARE UPHELD AT ALL TIMES. THIS POLICY APPLIES TO ALL BOARD MEMBERS, STAFF, VOLUNTEERS, AND INDIVIDUALS AFFILIATED WITH THE MARY K. YAP FOUNDATION.
A conflict of interest arises when an individual’s personal interests or relationships could potentially interfere with their ability to act in the best interests of the foundation. This policy outlines the steps to identify, disclose, and manage conflicts of interest to safeguard the foundation’s mission, reputation, and financial integrity.
Conflict of Interest: A situation in which an individual’s personal, financial, or other interests could compromise their objectivity or decisions related to the Mary K. Yap Foundation.
Related Party: Any individual with a close personal or financial relationship with the foundation, including but not limited to board members, staff, volunteers, donors, vendors, and contractors.
Disclosure and Management
Disclosure: All related parties have a duty to promptly disclose any potential conflict of interest to the board of directors. This includes financial interests, relationships, or affiliations that could reasonably be expected to give rise to a conflict.
Review and Evaluation: The board of directors will review disclosed conflicts of interest on a case-by-case basis. The board will assess the nature and extent of the conflict and determine the appropriate course of action.
Recusal: In cases where a conflict of interest is identified, the affected individual will be asked to recuse themselves from discussions, decisions, or actions related to the matter in question.
Mitigation: Depending on the circumstances, the board may establish mechanisms to mitigate the impact of the conflict, such as seeking outside opinions, establishing independent oversight, or modifying decision-making processes.
Transparency and Accountability
Documentation: All conflicts of interest and their resolutions will be documented in the foundation’s records. This documentation will include the nature of the conflict, the individuals involved, the actions taken, and the outcome.
Annual Review: The board of directors will conduct an annual review of the Conflict of Interest Policy to ensure its effectiveness and relevance. The policy will be updated as needed.
Education and Training: The Mary K. Yap Foundation will provide ongoing education and training to all related parties about identifying, disclosing, and managing conflicts of interest.
Any concerns or questions regarding conflicts of interest should be directed to the foundation’s designated contact person, who can be reached at [email@example.com].