Conflict of Interest Management
The Vision is important: #common good #sustainability are Eternal,
- M I AM recalls, re-inforces and embeds these themes using Technology as a Tool,
- To realize the Journey of Common Outcomes for the Benefit of all Parties #common good #sustainability, M I AM uses Internal Conflicts of Interest Policy and External Conflicts of Interest Policy as an enabling mechanism,
- All of us are entrusted with the Duty of Fiduciary Care: it is Honourable and preferable to protect, Promote and preserve the interest of the other person above yours, a rising tide lifts all boats kind of thing,
- As a farm hand in the Village, when collecting cattle, sheep, and other stock from the Grazing Fields back to their Home Kraals, it is important that you corral towards home all animals – not just your Family's. That is Fiduciary Care,
- In a Court case (Robinson v Randfontein Estates Gold Mining Co. Ltd.) which was decided in 1921 with Innes CJ, Solomon JA, CG Maasdorp JA, Juta JA and Bristowe AJA presiding, when the Company Board could not finalize a deal with the seller, the Chairman purchased the farm, knowing that the Company would ultimately need to buy the land. The company which owned the land ultimately sold the land to Randfontein Estates,
- The Appellate Division ruled that the Chairman was not justified in making a profit from his office nor in placing himself in a position in which his personal interest conflicted with the duties arising out of his fiduciary position. He was accordingly ordered to repay the R430 000 difference between the purchase price of R120 000 and the sale price of R550 000,
- I have attended a meeting of the Village Community at Dangwane Location, Mount Frere in the Eastern Cape where I grew up and cases are resolved along the same lives as the Jurists mentioned above in Robinson v Randfontein Estates Gold Mining Co. Ltd.
In the next Post I shall share more about Internal and External Conflicts of Interest Policies and perhaps bring a more modern example for use by Heads of Control Owners.