Register of Business Interests
What is a 'Business Interest' and why should it be declared?
A business interest is the involvement of an individual or their family members in any trade or profession, along with any direct interest they may have in any company providing goods or services to the school.
- For example, if Governor Bob owned a building company and the school was considering a building project:
- it would be important for everyone to know what Bob's involvement was
- It would be important that that Bob was not part of the decision making process about which building company to use
- It would be important for the school to show that they had looked fairly at all the possible companies to use and had not just chosen Bob's because Bob is a nice man.
- If Bob kept his involvement with the building company a secret, people might wonder why. They might even think he was making money out of being a governor.
Who has to declare their business interests
All members of the Governing Body, the Headteacher and any staff who influence financial decisions, are expected to declare any business interests that they or any family member may have.
How is the Register of Business Interests shared?
The register of the business interests is made available to any interested party on the school's website (see below) and is made available in the school .
- It is required that there is an annual review of this register. At St. Michael's, the register is reviewed at every meeting of the full governing body - that is three times a year
- Where a Governor or member of staff has no business interests, they complete a form saying ‘No interests to declare’.
- New Governors or members of staff, influencing financial decisions, should be asked to complete a form on joining the Governing Body or school.
What is a Pecuniary Interest?
Pecuniary interests are the same as business interests; however, pecuniary interest is a wider term. Pecuniary interests include personal financial interests, such as involvement in a trust fund or investment, as well as potential interest
- For example, where Governor Gertrude's sister applies for a job at the school. Governor Gertrude must have no involvement in the selection and interview process.
- Teacher Governor Tiffany must have no say in the promotion of a colleague.
Because of the nature of these interests, they cannot only be declared annually. All members of the Governing Body and all members of staff are made aware at Governor and staff meetings of the need to declare these interests, as they arise.
Declarations are made in writing to the Headteacher or the Chair of Governors and these are filed in a register of pecuniary interests.