C.C. from Connecticut writes:
Dear Mister Condo,
Are there guidelines in CT regarding active executive board members who sell real estate and any steps that should be taken to avoid conflict of interest concerns?
Mister Condo replies:
C.C., conflicts of interest come in two types – apparent and definite. Apparent conflicts of interest are pretty much what you are describing here. A Board member may have some inside access to information that they could use to make money while selling real estate. A definite conflict of interest would be if you could prove that happened, which would take some doing. It is quite possible that this volunteer Board Member has done nothing wrong and has nothing but the best intentions to serve the community. I am not aware of any rules or guidelines that would prohibit this person from serving on the Board and, clearly, as a democratically elected member of the Board, enough unit owners would like this person to serve. I would say that unless there is compelling evidence that this person has abused their position or clearly acted in his/her own best interest over the community, they should be allowed to serve. However, a vigilant eye should be kept on their actions and if anything seems suspicious, the other Board members should be alerted. Unit owners always have the opportunity to recall a Board member or vote them out at the next election cycle. Let’s hope this is just an unfortunate coincidence and that the Board member behaves admirably, honorably, and in the best interests of his/her constituents. All the best!