GENERAL KNOWLEDGE

Detailed explanation-1: -A conflict of interest arises when a person chooses personal gain over the duties to an organization in which they are a stakeholder or exploits their position for personal gain in some way. All corporate board members have fiduciary duties and a duty of loyalty to the corporations they oversee.

Detailed explanation-2: -A conflict of interest (COI) is a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another.

Detailed explanation-3: -A conflict of interest arises when what is in a person’s best interest is not in the best interest of another person or organization to which that individual owes loyalty. For example, an employee may simultaneously help himself but hurt his employer by taking a bribe to purchase inferior goods for his company’s use.

Detailed explanation-4: -A conflict of interest occurs when an individual’s personal interests – family, friendships, financial, or social factors – could compromise his or her judgment, decisions, or actions in the workplace. Government agencies take conflicts of interest so seriously that they are regulated.

Detailed explanation-5: -Open all. Actual conflict of interest. There is a real conflict between an employee or director’s public duties and private interests. Potential conflict of interest. Perceived conflict of interest. Conflict of duty. 17-Jun-2022