Minimising Conflicts of Interest in your Business
Getting ready for the christmas season and minimising conflicts of Interest in your business
BY SHAREE WEBSTER, CA DIRECTOR, HOLMANS ACCOUNTING & TAXATION
2020 has a certain ring to it, don’t you think?
Here are some points to consider to limit conflicts of interest which can be a trigger for workplace tension and gossip, reducing productivity and damaging employee relations. They seem to occur more the closer we get to the festive season.
Common examples of conflicts of interest in business include:
- Recommending a friend or family member for a job position
- Employers not disclosing that a candidate being considered for a job is a friend or family member
- An employee starting their own business which provides similar products or services, especially if a non-compete agreement has been signed
- Working for a competing company
- Posting to social media about the business’ failures
- Romantic relationships between an employee and their supervisor
- Accepting a favour or gift beyond the agreed amount from a client
The best way to avoid conflicts of interest in your business is to establish a code of conduct that clearly outlines the standards and expectations of your business. It should cover details of business policies and list everyone it applies to, including but not limited to employers, employees and contractors. This code of conduct should be communicated to employees verbally and re-enforced through discussions.
If you set out the ground rules for your team, you have more chance of getting through the festive season without any conflicts and bounce into 2020 raring to go.
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Disclaimer: This article contains general information only. Regrettably, no responsibility can be accepted for errors, omissions or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items.
Sharee Webster joined Holmans in April 2007. Sharee manages the Holmans Maroochydore office, which was opened in April 2008. Sharee is a Chartered Accountant and holds a Bachelor of Commerce from the University of Queensland, a Chartered Tax Adviser from the Taxation Institute of Australia and a Registered Tax Agent. At Holmans, Sharee specialises in business structures, taxation advice, superannuation and in particular Self-Managed Super Funds (SMSFs). She has extensive experience in providing strategic tax advice to private clients, owner-operated family businesses and large corporate entities.