Souls Harbour maintains a robust Disclosure Statement to ensure transparency and manage potential conflicts of interest among its board members. This statement mandates that any board member with ownership, partnership, or senior management roles in products or services used by Souls Harbour must disclose such connections.
During its meetings, the board prioritizes thorough review and discussion of engagement with companies or products where a board member has a vested interest. Approval from the board is required for any purchases from companies where a board member, committee member, or staff has a financial interest.
Loyalty to Souls Harbour is upheld through the establishment of an information partition and the requirement for conflict-of-interest statements from members with potential conflicts, particularly those with ownership in related companies. This measure underscores the organization’s commitment to safeguarding its interests above personal ones.
The duty of disclosure ensures that stakeholders receive relevant information for informed decision-making. The board exercises prudence by annually reviewing major purchases with the Chief Business Officer (CBO) and making decisions based on comprehensive evaluations.
Furthermore, to uphold propriety, board members, committee members, and staff are prohibited from accepting gifts from vendors, suppliers, or contractors. This approach underscores Souls Harbour’s commitment to ethical conduct and the careful management of potential conflicts of interest.