Glossary term
Declaration of Interests Register
Subject: Governance, Ethics, Conduct and Whistleblowing
Also known as: Register of Interests, Asset and Interest Declaration
A declaration of interests register is a record in which directors, officials or staff list their financial interests, outside roles and relationships that could conflict with their duties, kept current and open to review.
Explanation
The register turns a conflict of interest policy into something that can be checked. People complete a declaration on joining and again each year, and add to it when something changes: shares held, directorships, a spouse's business, gifts received. Meetings then open with a standing item asking whether anyone has an interest in the agenda. The company secretary or compliance team keeps the register and uses it to test decisions, such as supplier awards, against what was declared. In many countries senior public officials must file asset and interest declarations, and some jurisdictions publish them so the public can look for conflicts. A register is only as good as its accuracy, so sample checks against company records and public filings are common.
Example
Every director of a listed company signs an interest declaration each April. In July the board considers leasing a property from a firm that the register shows is owned by one director's brother. The register prompts the chair to ask that director to leave the room for the item, and the minutes record his absence.
Not to be confused with
- Statutory Registers
- Statutory registers are records the law requires a company to keep, such as members and directors. The interests register records personal conflicts.