Conflict of Interest Policy
The Equip Foundation
The Equip Foundation’s conflict of interest policy is governed by Sec 4.18 of the existing Articles of Association as follows:
“This Corporation recognizes that transactions with interested Trustees, officers or agents are often highly beneficial to the Corporation given the understandable beneficence of the interested party toward the Corporation. However since such transactions always involve the potential, however slight, for private benefit, this Corporation has adopted the following policy for scrutiny for such transactions. No contract or other transaction between the Corporation and any of its Trustees, officers, employees or agents (hereafter “Interested persons”) or between any other entity of which such interested persons are Trustees or officers or in which such persons are financially interested, shall be either void or voidable because of such relationship or interest or because such interested persons are present at the meeting of the board of Trustees or a committee thereof which authorizes approves, or ratifies such contract or transaction or because his or their votes are counted for such purpose, if any of the following conditions are met:
(a) The fact of such relationship or interest is disclosed or known to the Board of Trustees or committee which authorizes, approves, or ratifies the contract or transaction by a vote or consent sufficient for the purpose without counting the votes or consents of such interested persons; or
(b) The contract or transaction is fair and reasonable to the Corporation.
Interested persons may be counted in determining the presence of a quorum at a meeting of the Board of Trustees or a committee thereof which authorizes, approves, or ratifies such contract or transaction.”
Approved by the Board on July 28, 2016.