17Conflicts of interest

17 Conflicts of interest

(1) A member of the Board who has a personal interest (whether pecuniary or otherwise) in a matter being considered or about to be considered by the Board, as soon as practicable after becoming aware of the relevant facts, must declare the nature of the interest at a meeting of the Board if the interest appears to raise a conflict of interest with the proper performance of the member's duties in relation to the consideration of the matter.

Penalty: 5 penalty units.

(2) The person presiding at a meeting at which a declaration is made must cause a record of the declaration to be made in the minutes of the meeting.

(3) After becoming aware of the conflict of interest in a matter—

(a) unless the Board directs otherwise, the member must not be present during any deliberations on the matter; and

(b) the member is not entitled to vote on the matter; and

(c) if the member does vote, the vote must be disallowed.

(4) For the purposes of this section, a member is not regarded as having a conflict of interest—

(a) in a matter relating to the supply of goods or services to the member if the goods or services are, or are to be, available to members of the public on the same terms and conditions; or

(b) in a contract or arrangement only because that contract or arrangement may benefit a company or other body in which the member has a beneficial interest that does not exceed 1% of the total nominal value of beneficial interests in that company or body.