Independent review of Westpac provides good reminders for all boards
The report into Westpac New Zealand’s risk governance practices provides useful reminders for boards.
A conflict of interest occurs when a director has more than one interest, one of which will or might motivate an act in another.
Even where there is no statutory requirement to disclose interests, the associated risks need to be managed to avoid unwanted consequences.
This guide provides a three-step process for handling a conflict of interests.
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Identify conflicting interests in a director's role or responsibilities.
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Declare the conflict to the board and record it in the organisation’s interest register.
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Determine what course of action should be taken
