Conflict of Interest Policy
The purpose of this Conflict of Interest Policy is to protect the interests of the Web3 Certification Board (“the Board”) when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer, director, or member (“Affiliated Person”).
- Conflict of Interest: A circumstance where an Affiliated Person’s obligation to further the Board’s purposes is at odds with their own financial interests or those of a family member.
- Family Member: Spouse, parents, siblings, children, or any other relative if residing in the same household.
- Financial Interest: A non-trivial economic benefit, whether it comes in the form of compensation, equity, loans, or other monetary transactions between the Board and an Affiliated Person.
- Disclosure: Affiliated Persons must disclose any possible conflict of interest in writing to the Board’s Governance Committee.
- Recusal: The Affiliated Person with the conflict shall leave the meeting while the remaining Board members discuss and vote on the transaction or arrangement.
- Due Diligence: Before entering into any transaction or arrangement, the Board will conduct appropriate due diligence to ensure that it is in the Board’s best interest.
- Approval: The decision to enter into such a transaction will be made only if a majority of disinterested Board members vote in favor of it.
- Minutes: The minutes of the Board meetings will contain the names of the Affiliated Persons who disclosed or were found to have a conflict of interest, the nature of the conflict, and a record of the vote.
- Annual Statements: Every Affiliated Person will annually sign a statement affirming that they have received a copy of this Policy, read and understood it, and agreed to comply with it.
- If the Board has reasonable cause to believe an Affiliated Person has failed to disclose a conflict, it will take appropriate disciplinary action.
Amendment and Review
This Policy may be amended or revised from time to time, as needed, with changes approved by a majority of the Board.
Updated October 16, 2023