Conflicts of Interest Generally (unrelated To The Practice of Law)
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More generally, conflicts of interest can be defined as any situation in which an individual or corporation (either private or governmental) is in a position to exploit a professional or official capacity in some way for their personal or corporate benefit.
Depending upon the law or rules related to a particular organization, the existence of a conflict of interest may not, in and of itself, be evidence of wrongdoing. In fact, for many professionals, it is virtually impossible to avoid having conflicts of interest from time to time. A conflict of interest can, however, become a legal matter for example when an individual tries (and/or succeeds in) influencing the outcome of a decision, for personal benefit. A director or executive of a corporation will be subject to legal liability if a conflict of interest breaches his/her Duty of Loyalty.
There often is confusion over these two situations. Someone accused of a conflict of interest may deny that a conflict exists because he/she did not act improperly. In fact, a conflict of interest can exist even if there are no improper acts as a result of it. (One way to understand this is to use the term "conflict of roles". A person with two roles—an individual who owns stock and is also a government official, for example—may experience situations where those two roles conflict. The conflict can be mitigated—see below—but it still exists. In and of itself, having two roles is not illegal, but the differing roles will certainly provide an incentive for improper acts in some circumstances.)
As an example, in the sphere of business and control, according to the Institute of Internal Auditors:
conflict of interest is a situation in which an internal auditor, who is in a position of trust, has a competing professional or personal interest. Such competing interests can make it difficult to fulfill his or her duties impartially. A conflict of interest exists even if no unethical or improper act results. A conflict of interest can create an appearance of impropriety that can undermine confidence in the internal auditor, the internal audit activity, and the profession. A conflict of interest could impair an individual's ability to perform his or her duties and responsibilities objectively.Read more about this topic: Conflict Of Interest
Famous quotes containing the words conflicts, interest, generally and/or practice:
“I would rather be the child of a mother who has all the inner conflicts of the human being than be mothered by someone for whom all is easy and smooth, who knows all the answers, and is a stranger to doubt.”
—D.W. Winnicott (20th century)
“If property had simply pleasures, we could stand it; but its duties make it unbearable. In the interest of the rich we must get rid of it.”
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“But Maine, perhaps, will soon be where Massachusetts is. A good part of her territory is already as bare and commonplace as much of our neighborhood, and her villages generally are not so well shaded as ours.”
—Henry David Thoreau (1817–1862)
“The astonishment of life, is, the absence of any appearance of reconciliation between the theory and the practice of life.”
—Ralph Waldo Emerson (1803–1882)