A conflict of interest exists in any situation in which a Member exercises or performs a duty of function for or on behalf of the Committee with the knowledge that it provides the opportunity to further a private or personal interest of such Member.
Conflicts of interest can include both financial and material interests. In addition to actual conflicts of interest, there can also be apparent or potential conflict of interest:
(a) An apparent conflict of interest exists if there is a reasonable perception, which a reasonably well-informed person could properly have, that Member's ability to exercise such Member's duties and responsibilities could be influenced or affected by their financial or material interest.
(b) A potential conflict of interest is a situation that may develop into a real conflict of interest.