{"id":112113,"date":"2021-06-14T06:31:42","date_gmt":"2021-06-14T06:31:42","guid":{"rendered":"https:\/\/www.healthbenefitstimes.com\/glossary\/?p=112113"},"modified":"2022-06-01T06:45:45","modified_gmt":"2022-06-01T06:45:45","slug":"conflict-of-interest","status":"publish","type":"post","link":"https:\/\/www.healthbenefitstimes.com\/glossary\/conflict-of-interest\/","title":{"rendered":"Conflict of interest"},"content":{"rendered":"

A situation where a person (or organization) has two separate and distinct duties owed concerning, or interests in, the same thing, and therefore cannot act completely impartially with respect to that thing. It is like one servant trying to serve two masters. For example, a hospital trustee has a legal duty to act in the best interests of the hospital. If that trustee owns real estate that the hospital wishes to buy, the trustee has a personal interest in obtaining the highest price, but as a trustee he has an interest in obtaining the lowest price. Since such a conflict of interest may cloud his judgment, the trustee is obligated to inform the hospital board about his personal interest, and usually will excuse himself from participating in the purchase negotiations. Even if there is no real conflict, or if the trustee is capable of making the right decision for the hospital, he would be wise to excuse himself so that the transaction will not appear to be tainted with impropriety, and so that no one can challenge it as such. Most corporate bylaws address conflict of interest situations.<\/p>\n

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Prejudice or bias that may occur when one\u2019s impartiality is compromised by opportunities for personal gain or occupational advancement, or by the chance that one\u2019s work may support a favored point of view or social agenda.<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

A situation where a person (or organization) has two separate and distinct duties owed concerning, or interests in, the same thing, and therefore cannot act completely impartially with respect to that thing. It is like one servant trying to serve two masters. For example, a hospital trustee has a legal duty to act in the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-112113","post","type-post","status-publish","format-standard","hentry","category-c"],"yoast_head":"\nConflict of interest - Definition of Conflict of interest<\/title>\n<meta name=\"description\" content=\"A situation where a person (or organization) has two separate and distinct duties owed concerning, or interests in, the same thing, and therefore cannot act completely impartially with respect to that thing. It is like one servant trying to serve two masters. For example, a hospital trustee has a legal duty to act in the best interests of the hospital. If that trustee owns real estate that the hospital wishes to buy, the trustee has a personal interest in obtaining the highest price, but as a trustee he has an interest in obtaining the lowest price. Since such a conflict of interest may cloud his judgment, the trustee is obligated to inform the hospital board about his personal interest, and usually will excuse himself from participating in the purchase negotiations. Even if there is no real conflict, or if the trustee is capable of making the right decision for the hospital, he would be wise to excuse himself so that the transaction will not appear to be tainted with impropriety, and so that no one can challenge it as such. Most corporate bylaws address conflict of interest situations.Prejudice or bias that may occur when one\u2019s impartiality is compromised by opportunities for personal gain or occupational advancement, or by the chance that one\u2019s work may support a favored point of view or social agenda.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.healthbenefitstimes.com\/glossary\/conflict-of-interest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Conflict of interest - Definition of Conflict of interest\" \/>\n<meta property=\"og:description\" content=\"A situation where a person (or organization) has two separate and distinct duties owed concerning, or interests in, the same thing, and therefore cannot act completely impartially with respect to that thing. It is like one servant trying to serve two masters. For example, a hospital trustee has a legal duty to act in the best interests of the hospital. If that trustee owns real estate that the hospital wishes to buy, the trustee has a personal interest in obtaining the highest price, but as a trustee he has an interest in obtaining the lowest price. Since such a conflict of interest may cloud his judgment, the trustee is obligated to inform the hospital board about his personal interest, and usually will excuse himself from participating in the purchase negotiations. Even if there is no real conflict, or if the trustee is capable of making the right decision for the hospital, he would be wise to excuse himself so that the transaction will not appear to be tainted with impropriety, and so that no one can challenge it as such. 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