Standard 4: Conflict of Interest
“Land trusts have policies and procedures to avoid or manage real or perceived conflicts of interest.”
A. Dealing with Conflicts of Interest
- Adopt a written conflict of interest policy that addresses, for all insiders, how conflicts are identified and avoided or managed.
- Document the disclosure and management of actual and potential conflicts.
- When engaging in any transaction with an insider.
- Follow the conflict of interest policy.
- Contemporaneously document that there is no private or undue benefit.
|Code of Conduct – Conflict of Interest||Ontario Land Trust Alliance||2016||34 KB||word|
|Code of Conduct -Organization Policy and Managing Guidelines||Oak Ridges Moraine Land Trust||2014||69 KB||word|
B. Payments to Board Members
- Do not financially compensate board members for board services, except for reimbursement of expenses.
- If, in limited circumstances, the land trust compensates a board member for professional services that would otherwise be contracted out,
- Document the circumstances surrounding the decision to do so.
- Document how the land trust uses appropriate comparability data to determine the amount paid and to confirm that there is no private or undue benefit.
|Payments to Directors and Connected Persons||Office of the Public Guardian and Trustee Guardianship||2018||————————–||website|
|Ontario Charities Accounting Act – Amended||Ontario Government||2018||84 KB||word|
|Changes in Ontario to Director Remuneration||Ontario Land Trust Alliance||2018||35 KB||word|
C. Land and Conservation Agreement Transactions with Insiders
- When engaging in land and conservation agreement transactions with insiders.
- Follow all transaction policies and procedures.
- For land and conservation agreement transactions with insiders, obtain an independent appraisal by a qualified appraiser to justify the purchase or sale price.
|Insider Policy – Sample||Nature Conservancy of Canada||2004||28 KB||word|