Below is a summary of key points as they relate to conflict of interest.
Conflicts
of Interest and Related Party Transactions
- Creates new definitions of “independent director,” “related party” and “related party transactions.”
- Prohibits an employee of a not-for-profit corporation from serving as the chair of the board of directors.
- Prohibits directors, officers, and members from being present when compensation is deliberated, if such individuals might benefit from the compensation under discussion.
- Prohibits not-for-profit corporations from entering into related party transactions, unless the board determines the transaction to be “fair, reasonable, and in the corporation’s best interest.”
- Requires the board to consider alternatives to a related party transaction, when a related party has a “substantial financial interest.”
- Prohibits related parties from participating in voting or deliberations concerning a related party transaction.
- Authorizes the Attorney General to enjoin, void or rescind related party transactions or seek additional damages and other remedies, including removal of directors and officers.
- Requires not-for-profit corporations to adopt conflict of interest policies and sets forth the requisite elements of such policies.
- Requires directors to file with the corporation’s secretary an annual statement of any potential conflicts.
- Adds “key employees” to the list of individuals against whom legal action may be brought for misconduct in relation to corporate assets.
- Includes parallel provisions in the EPTL to govern charitable trusts.
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