sec.26Disclosure of conflict of interest

sec.26 Disclosure of conflict of interest

If a member of ONRSR 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— for the Regulator—the responsible Ministers; or for a non‐executive member—the Regulator. If a disclosure is made under subsection (1) , the entity to whom the disclosure is made must notify ONRSR of the disclosure. Particulars of any disclosure made under subsection (1) must be recorded by ONRSR in a register of interests kept for the purpose. After a member of ONRSR 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 ONRSR with respect to any matter that is, or may be, affected by the conflict, or take part in any decision of ONRSR with respect to any matter that is, or may be, affected by the conflict, unless— for the Regulator, the responsible Ministers otherwise decide; or for a non‐executive member, ONRSR otherwise decides. For the purposes of the making of a decision by ONRSR under subsection (4) in relation to a matter, a member of ONRSR 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— be present during any deliberation of ONRSR for the purpose of making the decision; or take part in the making of the decision by ONRSR. A contravention of this section does not invalidate any decision of ONRSR but if ONRSR becomes aware a member of ONRSR contravened this section, ONRSR must reconsider any decision made by ONRSR in which the member took part in contravention of this section. (sec.26-ssec.1) If a member of ONRSR 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— for the Regulator—the responsible Ministers; or for a non‐executive member—the Regulator. (sec.26-ssec.2) If a disclosure is made under subsection (1) , the entity to whom the disclosure is made must notify ONRSR of the disclosure. (sec.26-ssec.3) Particulars of any disclosure made under subsection (1) must be recorded by ONRSR in a register of interests kept for the purpose. (sec.26-ssec.4) After a member of ONRSR 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 ONRSR with respect to any matter that is, or may be, affected by the conflict, or take part in any decision of ONRSR with respect to any matter that is, or may be, affected by the conflict, unless— for the Regulator, the responsible Ministers otherwise decide; or for a non‐executive member, ONRSR otherwise decides. (sec.26-ssec.5) For the purposes of the making of a decision by ONRSR under subsection (4) in relation to a matter, a member of ONRSR 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— be present during any deliberation of ONRSR for the purpose of making the decision; or take part in the making of the decision by ONRSR. (sec.26-ssec.6) A contravention of this section does not invalidate any decision of ONRSR but if ONRSR becomes aware a member of ONRSR contravened this section, ONRSR must reconsider any decision made by ONRSR in which the member took part in contravention of this section.