Common use of Personal Financial Interest Clause in Contracts

Personal Financial Interest. 1. Employees, officers and directors, should avoid any outside financial interests which might influence their corporate decisions or actions. An employee, officer or director performing their duties in conformity with this policy shall not have a financial interest in, indebtedness to, or a personal contract or understanding with any concern with which they do business on behalf of the Corporation. An employee, officer or director whose corporate duties bring them into business dealings with a business in which they or a member of their family has a financial interest or to which they or a member of their family has an indebtedness, or a business employing a relative or close friend, must immediately notify their immediate supervisor, and this transaction may not be completed unless properly authorized in writing, after full disclosure of the relationship. 2. An employee, officer or director may not perform work or services, outside the course of their normal employment by the Corporation, for an organization doing or seeking to do business with the Corporation without appropriate prior written approval of their supervisor or the Board. An employee, officer or director may not be a director, officer, partner or consultant of an organization doing or seeking to do business with the Corporation, nor may they permit their name to be used in any way indicating a business connection with such an organization, without appropriate prior written approval of their supervisor or the Board. 3. An employee shall not accept for themselves, or for the benefit of any relative or friend, any payments, loans, services, favors involving more than ordinary social amenity, or gifts of more than nominal value from any organization doing or seeking to do business with the Corporation. 4. The requirement of freedom from conflict of interest applies with equal force to the spouse, children and other close relatives of each employee, officer and director. This policy applies to all employees, officers and directors of the Corporation with respect to all of the affairs of the Corporation.