Difference between revisions of "Non-Profit Directors (Societies Act FAQs)"

Non-Profit Directors (Societies Act FAQs) (view source)

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 ==What is a conflict of interest?==
-A conflict of interest is a situation in which an individual or organization is involved in multiple interests that are incompatible, where acting upon one interest could compromise another. In the legal context, this term is used to describe a situation in which a person has a duty to act in the best interests of an organization or party, yet they have other interests that conflict with that duty.
+A conflict of interest is a situation in which an individual or organization is involved in multiple interests that may be incompatible, where acting upon one interest could compromise another. In the legal context, this term is used to describe a situation in which a person has a duty to act in the best interests of an organization or party, yet they may have personal interests that conflict with that duty. For example, a board director voting on an increase in salary for a family member who works for the society.   The new Societies Act requires societies to keep records of any conflicts of interest. You can find a policy in our resources page on the lawfornonprofits.ca website.
 ==What is an ex-officio director (unofficial director)?==