WFAE Board of Directors Conflict of Interest Policy
Any transaction or transactions between the Foundation and any Director, officer, or employee, or any affiliate of any Director, officer, or employee involving in excess of an amount as approved by the Board of Directors from time to time, must be approved in advance by the Board of Directors or the Executive Committee; provided, that a business sponsorship on terms that are available to unaffiliated underwriters or the making of a gift in cash or in kind to the Foundation shall not require Board or Executive Committee approval. If the Executive Committee approves such transaction, the chairperson of the Executive Committee shall report on the transaction at the next Board of Directors meeting and the report shall be recorded in the minutes of that meeting.
Any member of the Board or the Executive Committee who has a direct or indirect personal interest in the transaction shall abstain from voting on the transaction. For the purpose of this Article VII, an "affiliate" includes any member of the immediate family of the Director, officer or employee; any entity of which he or she serves as a director, officer, general partner, manager, or managing member or in which he or she owns more than five percent of the equity interest; and any trust in which he or she has an economic interest.
Any member of the Board or the Executive Committee who has a direct or indirect personal interest in the transaction shall abstain from voting on the transaction. For the purpose of this Article VII, an "affiliate" includes any member of the immediate family of the Director, officer or employee; any entity of which he or she serves as a director, officer, general partner, manager, or managing member or in which he or she owns more than five percent of the equity interest; and any trust in which he or she has an economic interest.