Candidate and Director Disclosure
Directors must clearly disclose any conflicts of interest that would get in the way of them voting impartially during board meetings. These disclosures ensure owners have full transparency on voting and the condo community can avoid real or perceived conflicts of interest.
Disclosure and conflicts of interest
Directors must make a disclosure if they have a direct or indirect material interest in a proposed contract or transaction for the corporation. If they do, they cannot be present during a board meeting, vote, or count towards a quorum on a vote dealing with that interest.
Continuous Disclosure Responsibility
Directors have a continuous disclosure obligation throughout the duration of their term to avoid any conflict of interest. They must provide these disclosures in writing and keep them current. Failing this, they would immediately cease to be a director.