The International Chamber of Commerce (ICC)(1) recently published enterprise guidelines for conflicts of interest.(2) The guidelines were prepared by the ICC’s Commission on Corporate Responsibility and Anti-Corruption.
The guidelines “provide recommendations to Enterprises on how to monitor and manage Conflicts of Interest facing their directors, officers, employees, agents and representatives.”(3)
Managing conflict of interest situations is important to the governance of any organization. If these situations are not properly managed they have the potential to result in instances of corruption and ultimately a loss of integrity for the organization. The ICC Rules on Combating Corruption say the following about Conflicts of Interest:
“Conflicts of interest may arise when the private interests of an individual or of his/her close relatives, friends or business contacts diverge from those of the Enterprise or organisation to which the individual belongs. These situations should be disclosed and, wherever possible, avoided because they can affect an individual’s judgment in the performance of his/her duties and responsibilities. Enterprises should closely monitor and regulate actual or potential conflicts of interest, or the appearance thereof, of their directors, officers, employees and agents and should not take advantage of conflicts of interest of others.”(4)
Conflicts of Interest, if left unresolved, can result in corrupt practices within an organization.
For more information on how to establish Conflict of Interest policies within your organization Contact GCSG’s Compliance and Ethics professionals.
ICC - “Guidelines on Conflicts of Interest in Enterprises” - Web page
ICC - “Rules on Combating Corruption” - Web Page