Conflicts Of Interest
IZOTECH Synergy has established a process to review and prevent actual or apparent conflicts of interest. It provides requirements for disclosing potential conflicts of interest and the process for obtaining a conflict of interest review. It applies to all IZOTECH organization and entity employees, contract labor, consultants, and others acting for the company.
Definitions
- Immediate Family Member—includes an employee's spouse, domestic partner, child or stepchild, parent, parent-in-law, sibling, and anyone sharing the employee's household (other than a tenant or employee).
- Relative—includes an employee's grandparents, spouse's grandparents, grandchildren, great-grandchildren, step siblings, half-sibling, uncles, aunts, nephews, nieces and cousins.
- Financial Interest or Financial Involvement—may include transactions involving cash, securities, loans, forgiveness of debt, non-cash trades or benefits, or ownership interests.
- Passive Investment—a purely financial involvement in an organization for which the employee performs no managerial functions, provides no advice, and has no ability to influence the policies, products, or business of the outside organization. Passive investments include ownership of shares in a public or private company, whether held individually, in a 401K plan, or as an investment in a stock mutual fund or stock market index fund.
- Substantial interest—a financial investment that is more than 1% of the total outstanding class of securities/capital value of an entity or represents more than 5% of the personal net worth of the employee, the employee’s family members, or others with whom the IZOTECH employee has a close personal relationship.
- Senior IZOTECH Officers—are IZOTECH Principal Vice Presidents, Senior Vice Presidents and Directors.
Background
A conflict of interest exists whenever an employee’s personal interests are inconsistent with —i.e., conflict with — the interests of IZOTECH. While employed at IZOTECH, an employee's primary business loyalty must lie with IZOTECH. As a result, an employee must not engage in activities outside of work that create a possible conflict of interest between an employee's and IZOTECH's best interest. An actual conflict of interest need not exist to constitute a violation of the IZOTECH standards of conduct. Activities that create the appearance of conflict of interest must also be avoided.