Approved by the Board on: 10 October 2002
The Board will recognize and accept that all constituencies have interests and that these may lead to potential, actual and perceived conflicts of interest. Article 14 of the By-Laws makes provision for a policy on this matter to be established. To ensure fairness in the Board’s decision-making and to protect the Fund’s interests, the Board adopts the Policy on Ethics and Conflict of Interest, which applies to all Board members and other interested persons (including, but not limited to, alternates, members of any Committee, expert panel, Technical Review Panel, and employees of the Secretariat including the Executive Director). This policy is based on clear definitions of potential areas of conflict, a duty to disclose, and a mechanism for managing conflicts as they arise.
The Policy on Ethics and Conflict of Interest is adopted subject to refinement as appropriate based on legal review, and applies to all activities from here on including consideration of Round 2 proposals. This policy currently applies to both personal and institutional conflicts. Subsequent review should focus attention on institutional conflicts, and the differentiation between personal and institutional conflicts of interest.