Massachusetts Board of Directors Confidentiality Policy
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How to fill out Board Of Directors Confidentiality Policy?
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FAQ
The policy should include a statement of the directors' duty of confidentiality and explain that they are not to disclose or discuss confidential information about the organization's matters with another person or entity, or use it for their own purposes, unless the board authorizes them to do so.
As a board member, you have an obligation to hold in confidence those things that are mutually determined by your fellow board members to be confidential.
Issue a Letter Addressing the Breach The letter should remind the member of their fiduciary duty and explain in clear terms that they are not allowed to reveal confidential matters. This is otherwise known as a censure. If that does not get their attention, you can follow up with a cease-and-desist letter.
As part of the duty of loyalty, a director cannot take advantage of corporate information for his or her own personal interests. A director generally must protect the privacy and secrecy of the corporation's legitimate internal activities.
Board members also have limits on how they can share information and with whom they may share it. Maintaining confidentiality also means that board members must maintain the confidentiality of any personal or sensitive information they acquire during their service to the board.
Professionals are not allowed to share confidential information their clients discuss with them. This is called the duty of professional secrecy. This duty exists so people can open up freely if they need help, and professionals can take whatever steps are necessary.
An important subset of the duty of loyalty also exists called a duty of confidentiality. The duty of confidentiality requires fiduciaries to keep information and materials such as board room discussions, sensitive financial documents, and contracts confidential.
(1) Every director shall at the first meeting of the Board in which he participates as a director and thereafter at the first meeting of the Board in every financial year or whenever there is any change in the disclosures already made, then at the first Board meeting held after such change, disclose his concern or ...