
A “conflict of interest” (COI) is a situation in which a person or organization is involved in multiple interests, financial interests, personal or other interests, one or more of which could possibly influence the motivation of the individual or organization.
A person or entity avoids a conflict of interest by:
- a.) not engaging in activity that might be conflicted by a duality of interest, or
- b.) disclosing the potential conflict – allowing associated parties to be aware and decide independently if the conflict is influencing behavior.
In essence, when presented with a potential conflict of interest, be truthful and provide full disclosure.
If unsure, err on the side of full transparency, and do so as soon as the conflict presents – don’t wait.
This becomes the generally accepted best ethical practice to avoid potential issues that may arise as a consequence of conflicted interest; especially financial conflicts.
♦ Recently, the financial payments by political entities upon media personalities has created quite a stir. When CTH revealed (from FEC filings) financial payments by Political Action Committees to media pundit Erick Erickson (and others), the response was to besmirch CTH for revealing the payments. (more…)