Conflict of Interest Policy
In order to meet IRS rules for non-profit organizations, Gran Mutual Water Company has a Conflict of Interest Policy.
The Conflict of Interest issue is reviewed every year at a regular meeting. At that time, each Board member completes a disclosure form about Conflict of Interest and signs it for the official records.
The Annual Conflict of Interest Statements that are completed by the Board Members and Officers are put into the Gran Mutual Water Company records. The Statements will be attached to the meeting minutes during which the issue was discussed.
In March 2013, the following policy was approved:
“Whenever a Director or Officer has an outside financial or personal interest in any matter coming before the Board of Directors, the affected person shall:
a) fully disclose the nature of the interest and;
b) withdraw from discussions, lobbying, and voting on the matter.
Any transaction or vote involving a potential condlict of interest shall be approved only when a majority of disinterested directors determine that it is in the best interest of the corporations to do so.
The minutes of a meeting at which such votes are taken shall record the disclosure, abstention and rationale for approval.”