CONFLICT OF INTEREST POLICY
SolutionOne Pty Ltd
Identifying New Conflicts of Interest
SolutionOne supports the ongoing identification and management of conflicts of interest and encourages its directors and employees do discuss potential conflicts on a regular basis. Key points around identifying conflicts of interest are discussed and reiterated at each and every staff meeting. Our Heads of Department play a vital role in the identification and management of conflicts of interest. SolutionOne promotes culture in which people are comfortable raising any concerns about possible conflicts of interest with their managers in every instance.
In the event that a new conflict of interest is identified, all employees are encouraged to flag the potential conflict in writing to the Directors of SolutionOne as soon as sensibly possible. The Directors will then implement strategies for dealing with the conflict, following with the outline below.
Managing Conflicts of Interest
SolutionOne has adopted the six R’s of managing conflicts of interest: register, remove, restrict, recruit, relinquish or resign.
All Directors and Employees are bound by our conduct of conduct to declare interests before engaging in any activities for or on behalf of SolutionOne. All registered interests will be openly communicated with interested parties on an ongoing basis.
Removing the Director or Employee with a conflict from the decision-making process. Where removing the person is not feasible, we will reconfirm our ability to restrict the conflict and move to relinquish, resign or recruit.
Recruit / Restrict
In the case that a Director or Employer with a conflict has specialized knowledge or skills ‘restrict’ or ‘recruit’ option may be the most appropriate way to manage the conflict. Restricting involvement in the process that is affected by the conflict and engaging 3rd parties to enforce and monitor the outcome of processes affected by the restrict approach.
Recruiting an independent third party to oversee part or all of the process is another way to manage conflicts where removing the person with an interest is not feasible.
Relinquish or Resign
If an interest is ongoing, unacceptable and likely to damage the reputation of SolutionOne. Recommended stronger options are for the interest to be relinquished or the person with the interest to resign.
Some interests may not be able to be relinquished (such as family connections) and so it may be necessary for the person with the interest to resign. It will be a matter for individual circumstances as to whether they need to resign from their role or from SolutionOne.