What is defined as a “conflict of interest”?

A "conflict of interest" refers to a situation where an individual has competing interests or loyalties that could potentially interfere with their ability to act impartially in their professional role. This definition captures the essence of the term, as it highlights the clash between a person's responsibilities, obligations, or duties and their personal interests, which might lead to biased decision-making or unethical behavior.

In professional settings, especially in legal and corporate environments, conflicts of interest can arise when, for instance, an employee has a personal stake in a matter that their work directly influences. Recognizing and addressing these situations is crucial for maintaining integrity and public trust, ensuring that decisions are made in the best interest of the organization rather than being swayed by personal gain.

The other definitions do not accurately encapsulate the specific nature of a conflict of interest. For example, while a disagreement among stakeholders may involve differing opinions, it does not imply an internal clash between one’s duties and personal interests. Similarly, a situation that benefits all parties involved or a negotiation strategy does not inherently involve a conflict of interest, as these scenarios may focus on cooperation rather than conflicting interests.