671Disclosure of conflict of interest

671 Disclosure of conflict of interest (1) If a member of the Board has a direct or indirect pecuniary or other interest that conflicts or may conflict with the exercise of the member’s functions as a member, the member must, as soon as possible after the relevant facts have come to the member’s knowledge, disclose the nature of the member’s interest and the conflict to— (a) for a member who is the Chairperson of the Board—the responsible Ministers; or (b) for another member—the Chairperson of the Board. (2) If a disclosure is made under subsection (1), the entity to whom the disclosure is made must notify the Board of the disclosure. (3) Particulars of any disclosure made under subsection (1) must be recorded by the Board in a register of interests kept for the purpose. (4) After a member of the Board has disclosed the nature of an interest and conflict or potential conflict under subsection (1), the member must not be present during any deliberation of the Board with respect to any matter that is, or may be, affected by the conflict, or take part in any decision of the Board with respect to any matter that is, or may be, affected by the conflict, unless— (a) for a member who is the Chairperson of the Board, the responsible Ministers otherwise decide; or (b) for another member, the Board otherwise decides.

(5) For the purposes of the making of a decision by the Board under subsection (4) in relation to a matter, a member of the Board who has a direct or indirect pecuniary or other interest that conflicts or may conflict with the exercise of the member’s functions as a member with respect to the matter must not— (a) be present during any deliberation of the Board for the purpose of making the decision; or (b) take part in the making of the decision by the Board. (6) A contravention of this section does not invalidate any decision of the Board but if the Board becomes aware a member of the Board contravened this section, the Board must reconsider any decision made by the Board in which the member took part in contravention of this section. Subdivision 3 Meetings