Conflict of Interest Policy

Conflict of interest arises whenever personal interests are potentially interfering with the performance of duties related to the organisation.

When actual, potential or perceived conflict of interest arises, the integrity, fairness and accountability of the organisation could be affected.

When a conflict of interest situation arises, it must be disclosed promptly to the Executive Director or designated person. Such conflict of interest situations include but are not limited to the following:

Conflict of Interest Situations:

Contracts with Vendors and Other Third-Party Contractors

If there is a personal interest in business transactions or contracts VCS may enter into, it must be declared as soon as possible, followed by abstention from discussion and decision making on the matter (including voting on the transaction or contract). Those involved should abstain from discussing or voting on the matter. All such discussion and evaluation by the relevant approving authorities in arriving at the final decision on the transaction/contract should always be well documented.

Vested Interest in Other Organisations that have Interests/Relationships with VCS

Any vested interest in other organisations that have interests/ relationships with VCS should be declared, especially when matters involving the interests of both VCS and the other organisations are discussed. And if necessary, followed by abstention from discussion and decision-making on such matters.

Joint Ventures

Any vested interest in external joint ventures that VCS is considering must be disclosed, and if necessary, followed by abstention from discussion and decision-making on the matter.

Remuneration

Volunteers should serve without remuneration for their voluntary service to VCS so as to maintain the integrity of serving for public trust and community good instead of personal gain. However, VCS may reimburse volunteers for out-of-pocket expenses directly related to the service.

Vested Interest in Other Organisations that are also in the Similar Service Industry

Personal gain or benefit should not be derived in the course of service to VCS.

Definition of Personal Interest to Include Family Members

Personal interests will include family members (related by blood, marriage or adoption) if they have interest in the business or transactions. Family members include spouse and domestic partners, children, parents and legal guardians, siblings, grandchildren, and son-in-law and daughter-in-law.

Others

Prohibition on gifts, entertainment, or other favours from any persons or entities which do or seek business with the organisation.

Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed:

The conflicting interest is fully disclosed;
The person with the conflict of interest is excluded from the discussion and approval of such transaction;
A competitive bid or comparable valuation exists; and
Management has determined that the transaction is in the best interest of the organisation.

I hereby confirm that I have read and understood the situations of conflict of interest as outlined in this Policy and that I have no conflict of interest to declare.

I agree that if I become aware of any conflict of interest or of any information that might indicate that this disclosure is inaccurate or in non-compliance, I will make full disclosure to the Executive Director or designated person immediately.