West Virginia Nonprofit - Conduct Policies for Board Members
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These values can provide a framework for any board's code of ethics: Selflessness. Board members should make decisions in terms of the public interest. ... Integrity. ... Objectivity. ... Accountability. ... Honesty. ... Leadership.
Specifically, they have to comply with three fiduciary duties: care, obedience and loyalty. If board members understand and embrace these responsibilities, they can fulfill those duties and hold their fellow board members accountable to do the same.
Board members should be as open as possible about all the decisions and actions they make. They should give reasons for their decisions and restrict information only when the wider public interest clearly demands it. Honesty.
A board of directors has three formal responsibilities. They are to oversee the management of the company, to approve corporate strategy, and to make sure the financial statements are accurate. In order to do these things, they need to be able to understand financial statements and have knowledge of business law.
Table of contents Failing to Understand Fiduciary Duties. Failing to Provide Effective Oversight. Deference to the Executive Committee, Board Chair, or the Organization's Founder. Micro-managing Staff. Avoiding The Hard Questions. Insufficient Conflict Management. Lack of Awareness of Laws Governing Tax-Exempts.
Ethical Behavior for Board Members Is Culturally Driven Ethical behavior means acting ing to what society, individuals, and businesses generally accept as good values. Good values include traits like honesty, dignity, diversity, fairness, and respect for individual rights, to name a few.
When you agree to serve on a nonprofit organization's board, you assume a number of responsibilities to the organization and a series of fiduciary duties (legal obligations) on its behalf. Specifically, a director is obligated to fulfill three primary fiduciary duties ? loyalty, care and obedience.
A conflict of interest exists when a member of the nonprofit board has a personal interest that may influence them when making decisions. While the law focuses primarily on financial interests and provides some guidelines, nonprofit organizations contend with various potential and perceived conflicts of interest.
This Code is intended to focus Board Members on areas of ethical risk, provide guidance to help them recognize and deal with ethical issues, provide mechanisms to report unethical conduct, foster a culture of honesty and accountability, deter wrongdoing and promote fair and accurate disclosure and ?nancial reporting.
Just as for any corporation, the board of directors of a nonprofit has three primary legal duties known as the ?duty of care,? ?duty of loyalty,? and ?duty of obedience.?