Reston Association’s Board of Directors is set to vote on long-anticipated changes to its conflict of interest policy, which was last reviewed nearly 14 years ago.
If approved on Thursday, the policy would only regulate conflicts related to economic interest. A code of ethics, which would be adopted at a later date, is expected to govern all other conflicts related to personal and non-economic interests.
Discussions on updating the policy have been underway for more than four years as RA staff and board members attempted balance privacy rights and the need for transparency. Two independent reviews have called on RA to refine its code of ethics since 2017.
Board members, officers and other officials covered by the policy must disclose specific details as part of an annual disclosure form.
The form requires individuals to disclose ownership interests that produce a fair market value of $5,000 or more in a calendar year or an investment of $5,000 or more in any economic venture. Interests that benefit family members in this category must also be disclosed.
Disclosures do not apply for dividends from shares or outstanding shares of a publicly-held corporation.
Employers covered by the policy must also report any other sources of income over $5,000 per calendar year “from any source having a business or contractual elation with Reston Association, including affiliated Reston interest group,” according to the draft policy.
The meeting is set for Thursday (March 19) via a conference call.
The board’s plans to receive an update on a proposal to repurpose the Hunters Woods Ballfield has been postpone. The draft agenda is available online.
Photo via Reston Association/YouTube