Companies Act 2014 section 923

Director's obligations when material interest in arrangement, contract or agreement with Supervisory Authority arises

Section 923 sets out the obligations of directors of the Supervisory Authority when they have a material interest in an arrangement, contract, or agreement involving the Authority, including requirements for disclosure, withdrawal from discussions, and related procedural matters.

• A director with a material interest in a specified matter must not influence or seek to influence any Authority decision on that matter
• The director must disclose the interest, leave the meeting during discussion of the matter, take no part in deliberations, and not vote on any related decision
• The chairperson must record the disclosure in the minutes, and the interested director is excluded from the quorum while the matter is being dealt with
• If a question arises about whether a director's conduct would breach these rules, the chairperson makes a final determination, which must also be recorded in the minutes