A conflict of interest happens when the private interest of a director, employee, consultant, and/or his affiliate interferes or appears to interfere in any way with the interest of the company. These include actions and decisions influenced or appearing to be influenced by a subjective concern and/or the personal interests of the director, employee, consultant, or their affiliates, that runs counter to the company’s principles of accountability, integrity, fairness, and transparency.
To determine if you are in a conflict of interest situation, consider your actions and ask yourself, “Would you be happy if your friends and family knew what you were doing?” If you are not, your personal integrity may be at stake.