The following Financial Conflict of Interest Policy (“Conflict of Interest Policy”) is an effort (i) to ensure that the deliberations and decisions of the Miami Fourth Estate, Inc. d/b/a the Key Biscayne Independent are made solely in the interest of promoting the quality of journalism in the state of Florida, and (ii) to protect the interests of KEY BISCAYNE INDEPENDENT when it considers any transaction, contract, or arrangement that might benefit or be perceived to benefit the private interest of a person affiliated with KEY BISCAYNE INDEPENDENT (each, a “KEY BISCAYNE INDEPENDENT Representative”). As used in this Conflict of Interest Policy, a KEY BISCAYNE INDEPENDENT Representative includes any director, advisory board Key Biscayne Independent, financial advisor, legal counsel or employee.
- Duty to KEY BISCAYNE INDEPENDENT. Each KEY BISCAYNE INDEPENDENT Representative owes a duty to the KEY BISCAYNE INDEPENDENT to advance the KEY BISCAYNE INDEPENDENT’s legitimate interests when the opportunity to do so arises. Each KEY BISCAYNE INDEPENDENT Representative must give undivided allegiance when making decisions affecting the organization. Similarly, KEY BISCAYNE INDEPENDENT Representatives must be faithful to KEY BISCAYNE INDEPENDENT’s nonprofit mission and are not permitted to act in a way that is inconsistent with the central goals of the organization and its nonprofit status.
- Gifts. No KEY BISCAYNE INDEPENDENT Representative shall personally accept gifts or favors that could compromise his or her loyalty to theKEY BISCAYNE INDEPENDENT. Any gifts or benefits personally accepted from a party having a material interest in the outcome of KEY BISCAYNE INDEPENDENT or its employees by a KEY BISCAYNE INDEPENDENT Representative individually should be merely incidental to his or her role as a KEY BISCAYNE INDEPENDENT Representative and should not be of substantial value. Any gift with a value of $250 or more, or any gifts with a cumulative value in excess of $250 received by a KEY BISCAYNE INDEPENDENT Representative in any twelve-month period from a single source, shall be considered substantial. Cash payments may not be accepted, and no gifts should be accepted if there are strings attached. For example, no KEY BISCAYNE INDEPENDENT Representative may accept gifts if he or she knows that such gifts are being given to solicit his or her support of or opposition to the outcome or content of any KEY BISCAYNE INDEPENDENT publication.
- Conflicts of Interest. The following are examples of conflicts of interest which must be promptly disclosed to the KEY BISCAYNE INDEPENDENT Board of Directors pursuant to Section 4 below by any KEY BISCAYNE INDEPENDENT Representative with knowledge of such conflict of interest:
- (a) any real or apparent conflict of interest between a donor or the subject of a KEY BISCAYNE INDEPENDENT publication or report and a KEY BISCAYNE INDEPENDENT Representative;
- (b) a KEY BISCAYNE INDEPENDENT Representative’s ownership of an equity interest in a person or entity that is or will be the subject of a KEY BISCAYNE INDEPENDENT publication or report; and
- (c) failure to disclose to the KEY BISCAYNE INDEPENDENT all relationships between the subject of any KEY BISCAYNE INDEPENDENT publication or report and any KEY BISCAYNE INDEPENDENT Representative or close relatives of the KEY BISCAYNE INDEPENDENT Representative.
- Conflict Procedure:
(a) If a KEY BISCAYNE INDEPENDENT Representative or party related to an KEY BISCAYNE INDEPENDENT Representative has an interest in any contract, action or transaction to be entered into with the KEY BISCAYNE INDEPENDENT, a conflict of interest or potential conflict of interest exists. Any KEY BISCAYNE INDEPENDENT Representative having knowledge that such a conflict of interest exists or may exist (an “Interested KEY BISCAYNE INDEPENDENT Representative”) will so advise the Board of Directors promptly. An Interested KEY BISCAYNE INDEPENDENT Representative will include in the notice the material facts as to the relationship or interest of the Interested KEY BISCAYNE INDEPENDENT Representative in the entity proposing to enter into a contract, action or transaction with KEY BISCAYNE INDEPENDENT.
(b) Notwithstanding anything herein to the contrary, the Board of Directors may authorize any committee appointed pursuant to the KEY BISCAYNE INDEPENDENT by-laws (a “Committee”) to act in lieu of the Board of Directors in determining whether an action, contract or transaction is fair to KEY BISCAYNE INDEPENDENT as of the time it is authorized or approved by the Committee.
(c) At any time that a conflict of interest or potential conflict of interest is identified, the President of the Board or a Chair of the applicable Committee will ensure that such conflict of interest is placed on the agenda for the next meeting of the Board of Directors or the Committee, as applicable. The notice of such meeting of the Board of Directors or the Committee, as applicable, will include, to the extent available when the notice is sent, a description of the conflict of interest matter to be discussed. By notice before the meeting or at the meeting, the directors on the board or the Committee, as applicable, will be advised that a vote will be taken at the meeting and that, in order to authorize the relevant contract, action or transaction, an affirmative vote of a majority of disinterested directors present at the meeting at which a quorum is present will be required and will be sufficient, even though the disinterested directors constitute less than a quorum of the Board of Directors or the Committee.
(d) Reasonable effort will be made to cause the material facts concerning the relationships between the individuals and the KEY BISCAYNE INDEPENDENT which create the conflict to be delivered to and shared with the Key Biscayne Independent Board of Directors or the Committee, as applicable, prior to the meeting to enable the directors to arrive at the meeting prepared to discuss the issue. In the event it is not practicable to deliver the information prior to the meeting, it will be delivered to the directors at the meeting, and the directors can act upon the matter with the same authority as if notice had been given prior to the meeting.
(e) The Board of Directors or the Committee, as applicable, will invite all parties to the conflict of interest to attend the meeting, to make presentations and to be prepared to answer questions, if necessary. The Board or Directors or the Committee, as applicable, will also invite outside experts if necessary.
(f) At the meeting, providing a quorum is present, the conflict will be discussed to ensure that the directors present are aware of the issues and the factors involved. The interested directors may be counted for purposes of a quorum, even though they may not take part in any vote on the issues.
(g) The Board of Directors or the Committee, as applicable, must decide, in good faith, reasonably justified by the material facts, whether the action, contract or transaction would be in the best interest of the KEY BISCAYNE INDEPENDENT and fair to the KEY BISCAYNE INDEPENDENT as of the time it is authorized or approved.