Loyalty and relationships to family and friendsįor example, you may have a loyalty to the company for which you work but also to your family's business. Interests can include many different types of commitments, duties, obligations and values, such as: Related: How a Workplace Conflict of Interest Can Impact Your Team What are interests?
In the private sector, if a company has proof that a board member profited from their role on the board, the company can take the board member to court. If a legislator attempts to profit from insider knowledge, this is an example of insider trading, an illegal activity. When such a situation arises, it's often a legal requirement for the primary party to remove themselves.įor example, in the public sector, judges have the legal obligation to recuse themselves if they have a link to one of the parties in a case over which they're presiding.
When a conflict of interest occurs, the person or team can't perform their duties appropriately because it could mean betraying their interests to one of the parties within the situation. A conflict of interest is a situation in which a person or organization has two or more competing interests.
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