VCULTURE2400 | ‘Managed and administered on a voluntary basis by persons who have no direct or indirect financial interest in its activities’: Payments to individuals

Payments made to individuals for services of managing and administering the body are not financial interests if:

• they are allowed by the constitution;

• the recipient is excluded from any decision-making regarding the award of any contract to themselves;

• the payments are not above market rates; and

• the payments are not linked to profits.

There is no financial interest where the only potential is for a financial loss - for example, where a risk is underwritten or guaranteed - so that the guarantor only stands to lose money and not gain money as a result.