UNIVERSITY COLLEGE LONDON

POLICY FOR CONFLICTS OF INTEREST

Executive Summary

Universities and their employees engage in a wide range of activities. The traditional academic roles, such as teaching and supervising students and conducting grant-funded academic research, are nowadays often supplemented by collaborations including consultancy, commercial research and development, intellectual property licensing and involvement in ‘spin-out’ companies.

By and large, UCL leaves individual Departments and academic staff to develop their own balanced ‘portfolio’ of activity, including external collaborations of one kind or another. However, by engaging in such external activities, employees place themselves in a difficult position in which an outside interest may conflict, or appear to conflict, with their UCL duties. The employee may then be open to suspicion that decisions they take as a UCL employee are influenced by personal financial interest - even when, as is almost universally the case, the employee is acting with neutrality and complete professional integrity.

In the vast majority of cases simple disclosure of a potentially conflicting external activity is sufficient to absolve the employee of suspicion. Occasionally UCL may suggest a different way of managing an activity that avoids the conflict of interest. In extreme cases the conflict of interest may be so fundamental and unmanageable that it is necessary to restrict one or other of the employee’s conflicting activities.

The purpose of the ‘Policy for Conflicts of Interest’ is:

To highlight and illustrate potential conflict situations, some of which are not obvious.

To set out which activities can be managed (and how they can be managed), and which UCL considers unmanageable (and therefore cannot allow).

The most important message in the document is that you should always disclose an activity if you are in doubt about whether it represents a conflict of interest. The Policy describes the way in which such disclosure should be made at the time (i.e. before you engage in the activity), and by completion of an Annual Return.

This Policy accords with the Seven Principles of Public Life established by the Nolan Committee and similar policies are common in most universities and other publicly-funded bodies. The fact that UCL has adopted such a Policy does not in any way cast doubt on the integrity of UCL employees. Rather it recognises that UCL wishes to give a great deal of freedom to employees to engage in external activities, but in so doing needs to put in place a mechanism to protect its employees, and itself, from reputational damage and other liabilities.

UCL is keen to support its staff and manage potential conflict wherever possible. The onus to disclose areas of actual, potential or perceived conflict is nevertheless on employees. When in doubt, it is best for staff to disclose an interest in advance to their head of department. If an actual or perceived conflict of interest comes to the attention of a Head of Department and/or if a Head of Department is concerned that a member of staff of the department is not abiding by this policy, the matter should be referred in the first instance to the Director of Human Resources, who may then refer the matter to the Vice-Provost (Operations) where appropriate. Failure to disclose a matter which later comes to UCL's attention as an actual or perceived conflict of interest will be subject to thorough investigation as a serious disciplinary offence.

The detailed nature of this document is necessary in order to provide clear and unambiguous guidance to employees facing specific conflict situations, and to be quite clear on UCL’s Policy. This document supplements and expands upon the requirements set out in UCL’s Financial Regulations.

UNIVERSITY COLLEGE LONDON

POLICY FOR CONFLICTS OF INTEREST

I. Background

Universities and their employees engage in a wide range of activities.  The traditional academic roles, such as teaching and supervising students and conducting grant-funded academic research, are nowadays often supplemented by collaborations including consultancy, commercial research and development, intellectual property licensing and involvement in 'spin-out' companies.

UCL recognises that involvement in such collaborations carries many advantages, including the practical application of new technologies, the provision of an additional source of research funding and insights into commercial and societal needs and the receipt of royalty income for UCL and its departments. Contemporary attitudes are captured by the fact that the Government and HEFCE have created a permanent stream of funding to encourage and resource these 'third-leg' activities (complementing funding provided for teaching and research).

However, conflicts of interest can arise when the interests of a commercial venture from which a UCL employee derives direct benefit differ from the interests and primary obligations of UCL, or when the commercial venture consumes an undue share of the employee's attention.  UCL believes it to be essential that its employees should manage or avoid, and be seen to manage or avoid, such conflicts.  It is a matter of potential intense public scrutiny, and many funding agencies, in the UK and elsewhere, are now seeking assurance that universities are properly managing conflicts as a condition of grant funding.

This document ("Conflicts Policy") sets out UCL's policy and provides some practical guidance to its employees on how they should manage potential or actual conflicts of interest.  This Conflicts Policy was introduced with effect from 1 January 2003 and is subject to regular review and revision as appropriate.  It supplements and expands upon the requirements set out in UCL's Financial Regulations [http://www.ucl.ac.uk/finance/finance_docs/finance_regs/index.html] and should be read in conjunction with UCL's Financial Regulations referring to 'Disclosure, Fraud and Irregularity' (FR 138-144).  Accordingly, it is a condition of their employment that UCL employees must comply with its requirements. The Policy applies particularly to all Academic Staff and Non-academic Staff (grades 9 and 10), including consultants and any other individuals engaged to provide temporary cover for Academic Staff or Non-academic Staff (grades 9 and 10), although the broad principles of the Policy apply to all staff.  The Policy also applies to Honorary Staff and Emeritus Staff actively involved in the work of UCL.
 
The full prior disclosure of interests is clearly an important (and, in many cases, sufficient) mechanism for the management of conflicts of interest.  Employees are required to complete the 'Annual Declaration of Interests' return in August of each year. UCL is now in the process of moving to online completion of this return and testing of the new system will begin imminently.  (In the meantime, the hard copy version of the return which has been used hitherto is appended, for information, as Annex 3 of this document.) 

Whilst this document describes and provides guidance for many of the situations in which conflicts occur, it is not meant to be exhaustive. The primary obligation rests with the employee to recognise situations in which they potentially have a conflict of interest and to disclose and discuss that conflict to their Head of Department. If you are uncertain how this Conflicts Policy might affect your activities, please contact your Head of Department.

Within UCL there are two categories of conflict that may arise, personal (those faced by individuals) and institutional (those faced by UCL as an institution). This document addresses personal conflicts¹.

II Types of conflict

A working definition of “conflict of interest” is:

A conflict between the private interests and the official responsibilities of a person in a position of trust.

The damage caused by such conflicts can be considerable. For example, should the press cast doubt on the validity of an academic’s research findings due to the academic being discovered to have had a conflict of interest, there could be considerable reputational damage to the academic and UCL.

This illustration highlights another important issue. The definition is not restricted to those cases in which an individual actually betrays that trust; it can be just as damaging for the conflict to exist or appear to exist. For this reason, an explicit conflict of interest policy does not imply any lack of trust in or loyalty of academic colleagues. Rather, it is a mechanism for protecting UCL employees against criticism or compromise by ensuring that they recognise and disclose such conflict situations and take steps to avoid and manage them.

Some of the principles set out in this Conflicts Policy relate to what might be better described as “conflicts of duty” (e.g. where one’s duty as a UCL employee conflicts with one’s duty as a director of a spin-out company). The term “conflicts of interest” as used in this document includes conflicts of duty, rights, obligations, interests and similar conflicts, whether as an individual or as a representative of UCL.

The main categories of conflict of interest (discussed in more detail below) are:

·     educational mission (especially in regard to supervision)

·     research integrity

·     conflicts of commitment and loyalty

·     financial conflicts

The need for a comprehensive policy has been made more acute by the increasing tendency to form spin-out companies as a mechanism for bringing research to market. Employees often have multiple roles in such companies, for example as a director, shareholder and consultant. Fulfilling these multiple roles in the company can create (or appear to create) a conflict with the employee’s primary obligations and allegiance to UCL. This Conflicts Policy addresses conflicts involving spin-out companies as well as many other situations where conflicts may arise. Other general examples include:

The use of UCL’s research or administrative facilities to pursue personal business, commercial or consulting activities

Any attempt to restrict rights governing the timing and contents of publications, save in circumstances approved by UCL to protect privacy, commercially sensitive proprietary information and patentable inventions

Involvement in externally-funded activity that might infringe the right of a student engaged in the activity to complete the degree for which he or she is registered and/or to publish freely or seek patent protection for his or her findings (save in the circumstances referred to in (b) above)

A financial interest held by an individual in an external enterprise engaged in activities closely related to that individual’s line of research in UCL

A personal involvement in any company which has, or is in the process of negotiating, a contract with UCL

Over-dependence on a particular company for research funding - which may result in that company either formally or informally influencing the direction of the research or dissemination of results.

These categories are intended to be illustrative and not exhaustive. Similarly, any examples of conflicts of interest given below are illustrative only.

III Principal situations in which conflicts can arise

Conflicts of interest, such as those described above, usually arise when an employee:

Has a financial interest in an activity (e.g. research, consultancy or licence income) that is dependent on particular research outcomes

Has a financial interest in the sponsor of a research project or studentship (e.g. as a shareholder of the sponsoring body)

Has a financial interest or holds a company appointment in a company that seeks to do business with UCL

Accepts gifts, hospitality, or other personal benefits beyond a nominal value from a company that seeks to do (or retain) business with UCL

This Conflicts Policy addresses both financial and non-financial conflicts of interest. However, the risk of a conflict, or the perception of a conflict, may be greater where a UCL employee has a Significant Financial Interest in relation to that activity or participant.

Similar issues arise where a Significant Financial Interest (as defined below) is held by a close family member (eg spouse, partner, parent, or sibling of that UCL employee) or by an associated entity such as a company or trust established or controlled by the employee or close family member or a trust from which any of them benefits or may be expected to benefit. Throughout this Conflicts Policy, references to an employee shall be understood as including, where the context permits, his or her close family members and such associated entities. Such references shall also be understood as including, where the context permits, a non-pecuniary interest held by an employee or by a close family member of an employee, as defined above.

(i) Significant Financial Interests and exceptions

For the purposes of this Conflicts Policy, a Significant Financial Interest includes the following items received or held by the employee:

Shares, share options, warrants and other securities and interests (together referred to below as “Shares”) in a company.

Payments for services, e.g. consulting fees, directors’ fees, stipends and honoraria or payments in kind (together referred to below as “Consultancy Fees”).

Payments in respect of intellectual property, including licence fees, royalties and revenue-sharing arrangements, except those payments made under UCL’s royalty sharing scheme [http://www.ucl.ac.uk/finance/secure/finregs/financialregs.htm#inventions].

Certain minimum thresholds apply to the definition of Significant Financial Interests:

1. Where a financial interest consists of Shares, it will be treated as excluded from the definition of Significant Financial Interests where all the following conditions are met:

·     The Shares are held in a company that is listed on a recognised stock exchange.

·     The current value of the Shares does not exceed £10,000 at any time.

·     There is no relationship or connection, explicit or implicit, between the acquisition of the Shares and any research to be conducted for that company.

2. Where a financial interest consists of Consultancy Fees, it will be treated as excluded from the definition if both of the following conditions are met:

The Consultancy Fees amount to less than £10,000 in any twelve-month period.

It can be reasonably demonstrated that payment of any fee is not related to or contingent on the award of the proposed relationship between UCL and the company (e.g. a research contract or sponsored studentship, as discussed later).

(ii) Directorships and other External Appointments

A Director (i.e. a member of the Board of Directors) of a company has fiduciary duties to the company (e.g. to act in the best interests of the company), which as a matter of law may go beyond the duties of an ordinary employee or consultant. Other appointments, for example, as a trustee of a charity or other trust, Company Secretary, or membership of certain external committees, may create similar duties. These duties may arise without there being any formal contract in place. Other personal appointments, e.g. as a consultant, may give rise to onerous duties where these are included as a term of the consultancy or other agreement.

Whenever a UCL employee accepts an external position or appointment, the potential for conflicts of interest may arise. For example, where an employee is a Director of a company that sponsors research at UCL or is engaged to provide goods, services or equipment to UCL, his or her legal duties as a Director may conflict with his or her duties as a UCL employee, regardless of whether the employee receives payment for services.

Directorships and other appointments outside UCL are referred to below as “External Appointments”. Certain restrictions in relation to the acceptance of External Appointments, and restrictions on a UCL employee engaging in activities where they have an External Appointment, are described later in this Conflicts Policy.

(iii) Other situations where conflicts may arise

The holding of a Significant Financial Interest or an External Appointment are specific examples of situations that increase the risk or perception of a conflict of interest. However, it is not possible to provide a comprehensive definition of circumstances that necessarily give rise to a conflict of interest. In any situation where the individual is uncertain as to the propriety of a given arrangement, advice should be sought from the individual’s Head of Department, who may refer to the Director of Finance or the Director of Human Resources as appropriate.

The overall test is that the associations made, and actions permitted, could be successfully justified to a sceptical member of the public.

IV. UCL's policy

UCL is committed to the principle that its employees’ activities should not give rise to situations in which employees have, or appear to have, harmful conflicts of interest. At the same time, UCL recognises that policies that seek to eliminate all potential conflicts could also prevent many of the activities (eg spin-out companies) that universities now wish to encourage. Accordingly, rather than seek to prohibit all activities that might give rise to a conflict of interest, this Conflicts Policy provides for a three-fold approach:

Disclose always.

Manage the conflict in most cases.

Prohibit the activity when necessary to protect the public interest or the interest of UCL.

The key goal is to segregate the decision-making about the financial activities and the research/teaching activities, so that they are separately and independently managed. UCL is particularly concerned to ensure that its employees’ activities do not create conflicts in the areas of UCL’s educational mission and research integrity, as these areas are considered to be of fundamental importance to UCL as an institution dedicated to teaching and research.

On occasions, UCL itself may be involved in an activity in which a UCL employee has a conflict of interest. For example, UCL may own shares in a spin-out company in which a UCL employee also owns shares. Depending on the circumstances, the UCL employee’s shareholding may give rise to a conflict of interest. Employees should be aware that the fact that UCL may benefit from an activity (e.g. as a shareholder) does not in any way mitigate or reduce the employee’s obligations under this Conflicts Policy.

UCL is keen to support its staff and manage potential conflict wherever possible. The onus to disclose areas of actual, potential or perceived conflict is nevertheless on employees. When in doubt, it is best to disclose an interest in advance. Failure to disclose a matter which later comes to UCL’s attention as an actual or perceived conflict of interest will be subject to thorough investigation as a serious disciplinary offence.

UCL implements its policy by issuing this Conflicts Policy and by implementing the practical steps described below.

(i) Conflict of educational mission

Principles

UCL employees who are involved in educating, training, supervising or directing the work (“education”) of students, should ensure that the education they provide is appropriate to the student.

UCL has a primary objective to educate and train students. Special care must be taken to ensure that the choice of a student's research project and the direction of that research are not, and do not appear to be, influenced by their supervisor's financial interest.

While the following policy refers to research students, many of the same points are also applicable to members of academic and research staff who are receiving supervision from a senior colleague.

Conflicts and their management

As a general rule, UCL would prefer not to enrol a student where:

The student receives support from (i.e. is sponsored by) a company in which the proposed academic Principal Supervisor has a Significant Financial Interest.

Where the results arising from, or IP generated in the course of, the research project are related to the research activities of a company in which the Principal Supervisor has a Significant Financial Interest.

UCL believes that such situations are extremely difficult to monitor and that both the Principal Supervisor and UCL are vulnerable to allegations that the student’s research (and advice given on other issues, e.g. IP protection) was directed in a way that was not in the student’s best interest.

The preferred approach to the management of this conflict situation is to identify an alternative member of academic staff, with no Significant Financial Interest, to act as the Principal Supervisor for the student, albeit that UCL recognises that it is also to the student’s advantage to be supervised by the member of staff with the greatest relevant expertise. If the Head of Department concerned considers that the circumstances are so exceptional that a student should have as Principal Supervisor a staff member with a Significant Financial Interest in the sponsoring organisation, the Head should seek permission for such an arrangement from the Director of Finance. Where, in exceptional circumstances, such permission is granted by the Director of Finance certain conditions will be imposed:

Before embarking on a research project, a student must be provided by the Principal Supervisor with a clear description of 1) the source of the sponsorship for the research to be undertaken, 2) any personal financial interest the Principal Supervisor has in a sponsor, 3) any restrictions that might be imposed on the scientific communication of the data by the sponsor, and 4) any rights that the sponsor may have to any intellectual property generated in the course of the project.

The Subsidiary Supervisor may not have any connection with or interest in the sponsoring company (whether by way of Shares or Consulting Fees).

Increasingly, students themselves start businesses whilst still at university. No member of staff who is in a position to judge the quality of that student’s work or to evaluate the student in any way, should take any ‘Financial Stake’ or hold a ‘Formal Position’ in such a student-run, -owned or -controlled venture whilst the student is enrolled at UCL. ‘Financial Stake’ means equity, option or any form of interest in such ventures. ‘Formal Position’ means a member of the Board of Directors, acting as a paid consultant or employee or executive of the venture.

Conflict of research integrity

Principles

UCL employees should maintain the highest standards of scientific integrity in the conduct of research.

The complete, objective and timely dissemination of new findings through publication is essential for research integrity. In this context, ‘publication’ means any means of public dissemination of research findings, including publication in a journal, information placed on the web, conference presentations or any other kind of scientific or scholarly communication.

The potential for personal gain must not jeopardise or appear to jeopardise the integrity of research activities, including the choice of research, its design, the interpretation of results, or the reporting of such results.

Conflicts and their management

Conflicts of interest can arise in a number of situations, for example:

·     The researcher has a Significant Financial Interest in the company sponsoring the research, this being exacerbated if the value of the researcher’s Significant Financial Interest may be affected by the outcome of the research.

·     The researcher is an inventor of patents whose value may be affected by the outcome of the research.

·     The researcher holds a position in an enterprise (e.g. as Director) that may wish to restrict (or otherwise manage) adverse research findings for commercial reasons.

·     The researcher wishes to engage the services of a company in which they have a significant financial interest or holds a company appointment.

The preservation of research integrity must be largely dependent on self-regulation. The primary way to encourage appropriate conduct is to promote and maintain a climate consistent with high ethical standards. The fundamental factor in ensuring the quality of research and research practices has to be the honesty of the individual investigator.

However, where a researcher has, or appears to have, a conflict of interest (for example, because he or she has a Significant Financial Interest in a research sponsor), integrity in designing, conducting and reporting the research may be insufficient to protect the researcher and the university from suspicion and consequent reputational damage. In such cases researchers must take special measures to put themselves beyond suspicion.

The first step for managing such conflicts is disclosure. Where any member of staff has a conflict of interest, they should:

Before the research project is accepted (i.e. a contractual arrangement agreed), disclose to and seek written consent from their Head of Department, who may refer to the Director of Finance or the Director of Human Resources as appropriate if he or she has any doubts. The disclosure should be in the form of a written memorandum that states the nature of the research, the staff and students who will be involved in conducting the research and the potential conflict and the method proposed to manage the conflict.

Play no part whatsoever in the negotiation of the financial terms of the research contract, either as an agent of UCL or the sponsor.

At the time of submission of a publication to a journal, comply with any conflict of interest policy of the relevant journal.

Make a similar form of disclosure on all other forms of publication.

Conflicts of this kind should be managed or avoided in a number of ways:

By declining the opportunity to conduct the research, instead arranging for the work to be carried out by an independent researcher, either in UCL or elsewhere.

By appointing a co-investigator who has control over the design and analysis of the research and its results, or an oversight committee.

Clinical research is a special case deserving of greater scrutiny, given the very significant financial consequences of research outcomes and the potential harm to members of the public engaged in clinical trials or under treatment. In some cases UCL may prohibit staff from acting as Principal Investigator. In addition to the requirements of this policy document, researchers should comply with any additional requirements as laid down by the appropriate (e.g. Hospital Trust) Ethics Committee.

Conflict of financial interest

Principles

UCL employees have a responsibility to respect and promote the financial interests of UCL. Staff should wherever possible ensure that UCL:

·     receives appropriate financial benefits from the provision of research services, including consultancy and other services conducted through UCL.

·     receives appropriate financial benefits from the use or commercialisation of its intellectual property.

·     receives appropriate financial benefits from the use of other resources and assets, including equipment, technical staff, facilities.

makes responsible use of its financial resources in relation to the purchase of goods as specified in Paragraph 91 of UCL’s Financial Regulations.

engages contractors, consultants and suppliers in a fair and transparent manner.

Conflicts and their management

A UCL employee’s relationship with another organisation, e.g. as a share-holder of a spin-out company, may create financial responsibilities to that organisation which conflict with his or her financial responsibilities to UCL.

Such potential conflicts should be managed in a number of ways, including:

·     Seeking formal permission from the Head of Department, describing the nature of the proposed relationship. If the Head of Department believes that the conflicts created by the proposed arrangement are manageable and that the use of any UCL resource will not conflict with academic priorities they may approve the arrangement in writing. If the Head of Department is in any doubt as to whether a conflict exists, he/she may refer the matter to the Director of Finance or the Director of Human Resources as appropriate. If such approval is given, either by the Director of Finance or the Director of Human Resources or the Head of Department, then the arrangement will be formalised and an appropriate fee may be levied for the resource to be used.

·     Contracts with external organisations, including their financial terms, being negotiated by the appropriate office in UCL Corporate Support Services (e.g. Contract Research Office) with the employee playing no part whatsoever in such negotiations.

·     Disclosing (if necessary under confidentiality) and seeking a waiver from UCL Business in respect of all inventions or other IP generated by the individual as part of (for example) a private consultancy.

·     Where UCL employees provide consultancy services by conducting that consultancy through UCL. Further guidance on consultancy are set out in UCL’s regulations on Private Consultancy Work. [http://www.ucl.ac.uk/finance/secure/finregs/financialregs.htm#pcw].

·     Where any goods or services are to be purchased from a business in which an employee has any Significant Financial Interest, then such interest should be declared to the Director of Finance [http://www.ucl.ac.uk/finance/secure/finregs/financialregs.htm#disclosure] Financial Regulation 139.

Conflict of commitment/loyalty

Principles
UCL employees owe their primary professional commitment and allegiance to UCL. Membership of external committees, boards, advisory groups etc (External Appointments) brings with it an obligation (and sometimes a statutory duty) to act in the best interests of the external body. These duties may overlap with those duties and obligations as employees of UCL. Where an External Appointment is allowed under the Consultancy Guidelines or otherwise allowed by UCL, this does not absolve the employee from ensuring that he or she continues to give their primary commitment and allegiance to UCL.

Conflicts and their management
Rules applying to the acceptance of External Appointments and the conduct of non-academic work, including limits on the amount of time that may be devoted to such activities, are set out in the Consultancy Guidelines [http://www.ucl.ac.uk/finance/secure/research/ucli/framesstuff/consultFrame-main.htm ]. The scheduling of commitments to such external bodies should be such that these commitments do not result in significant rescheduling of lectures, tutorials or other supervisory or management duties.

Where a UCL employee is involved in founding a new company, he or she may be induced to dedicate more time to it than is consistent with their duties to UCL. This risk can be reduced by ensuring that appropriate people are employed by the company to manage and direct both its business and scientific activities, with the UCL employee’s role being limited to consultancy. Alternatively, the UCL employees may be able to arrange unpaid leave of absence from UCL for a period of time so that they can dedicate themselves full-time to the company.

In exceptional circumstances, it may be acceptable to UCL to permit academic staff to devote significant time (over and above that permitted under the Consultancy Guidelines) to an External Appointment, for example where such absence can be shown to be short-term, non-disruptive to the employee’s other duties and of clear benefit to UCL. Such cases should be put to the Head of Department in a timely fashion, giving full details of the nature of the activity and the timing and duration of the external commitment. The Head of Department will refer the matter to the Director of Human Resources with a recommendation and for advice from the Director of HR before the Head decides whether to grant such permission.

In all cases, the employee must disclose in writing and discuss any potential conflicts with their Head of Department:

Prior to the commencement of such commitment.

When circumstances change in a way that result in changes to that conflict (either as a result of changes to the employee’s responsibilities in UCL, or of changes in the nature of the relationship between the external company and UCL, or of changes in the commitment to the external body). This can present a significant challenge since circumstances often change gradually and with little formality. It is nevertheless important, for the staff member’s own protection, that the Head of Department is informed, in advance, of any changes to the relationship.

(v) Conflicts faced by Administrative Officers

'Administrative Officers' for the purpose of this document means staff of UCL's Corporate Support Services, faculty and departmental administrative staff and others employed by UCL as Non-academic Staff (grades 9 and 10). Similar rules apply to all staff employed by UCL subsidiary companies (e.g. UCL Consultants Ltd plc) where such staff negotiate contracts on behalf of UCL or negotiate licences to intellectual property arising from work carried out at UCL.

UCL is entitled to expect Administrative Officers to act in the best interests of UCL when dealing with external organisations (e.g. companies). If an Administrative Officer has any financial interest (e.g. Shares, or the promise of Shares) or non-financial interest (e.g. a Directorship) in such a company then he or she will face a conflict of interest and UCL would normally have to remove that Officer from playing any part in that negotiation. To allow otherwise would clearly be unacceptable since the ability to conduct such negotiations on behalf of UCL is central to the role of such officers.

Consequently, the Conflict of Interest rules relating to Administrative Officers are stricter than those relating to academic staff:

·     Unless formally nominated by UCL to do so, no Administrative Officer shall serve in a personal capacity as a Director or other officer in a company or commercial enterprise the establishment of which arose out of or was connected with work done in UCL, or any company or commercial enterprise in a contractual relationship with UCL, where the Administrative Officer was concerned or connected with placing or negotiating the contract in question.

·     Any Administrative Officer nominated by UCL to serve as the Director of a company shall be deemed to accept the nomination in the discharge of his or her duties as an employee of UCL and shall decline to accept any Director's fee.

·     No Administrative Officer shall hold any shares in a company the establishment of which arose out of or was connected with work done in UCL, or any company in a contractual relationship with UCL, where the Administrative Officer was concerned or connected with placing or negotiating the contract in question, unless such shares have been acquired following the listing of the company on a recognised stock exchange. In exceptional circumstances the holding of such shares may be permitted subject to - in each case - the permission of the Director of Finance or the Director of Human Resources and the approval of the Provost.

July 2009

Annex 1

Some examples of activities that are generally not allowable, or that require prior written approval (and may be subject to overview).

A. Activities that are generally or normally not allowable.

A1. A UCL employee acting as academic Principal Supervisor for an industry-funded student where the employee concerned has a Significant Financial Interest in the sponsoring company.

A2. A UCL employee acting as academic Principal Supervisor for a student where the research results are related to the research or commercial activities of a company in which the employee concerned has a Significant Financial Interest, except where the Director of Finance agrees that an exception can be made.

A3. A UCL employee taking any financial stake or holding a formal position in a student-run, -owned or -controlled company while the student is enrolled at UCL and the UCL employee is in a position to judge the quality of that student’s work or to evaluate the student in any way.

A4. A UCL employee taking any part in the negotiation of a contract between UCL and a company, where the employee has a Significant Financial Interest in the company.

A5. A UCL employee publishing or formally presenting research results or providing expert commentary on a subject, without disclosing any Significant Financial Interest in a company that may benefit from the results being reported or opinions expressed.

Activities that may be allowable after disclosure, review and approval by the Head of Department (who may refer to the Director of Finance or the Director of Human Resources as appropriate).

B1. A UCL employee acting as Principal Investigator on a project funded under contract by a company, where the employee concerned has a Significant Financial Interest in the company.

B2. A UCL employee carrying out research, the outcome of which may affect the value of patents or other intellectual property held by the employee concerned (except where UCL is owner such intellectual property).

B3. A UCL employee holding a position in a company (e.g. as Director) where the company may, for commercial reasons, wish to restrict (or otherwise manage) adverse research findings generated by the employee concerned.

B4. A UCL employee conducting research externally that would normally be conducted by UCL.

B5. A UCL employee taking administrative action within UCL which is beneficial to a company in which he/she has a Significant Financial Interest.

Annex 2

The UCL Policy for Conflicts of Interest applies to all Academic Staff and Non-academic Staff (grades 9 and 10), including consultants and any other individuals engaged to provide temporary cover for Academic Staff or Non-academic Staff (grades 9 and 10). The Policy also applies to Honorary Staff and Emeritus Staff actively involved in the work of UCL. However, the broad principles of the Policy apply to all staff: if a conflict of interest applies in the case of a member of staff in a staff category other than those specified above, this should be referred to their Head of Department.

In accordance with the UCL Policy for Conflicts of Interest, the above references to Heads of Departments apply to the relevant Dean for Heads of Departments, the Provost for the Vice-Provosts and Deans, and the Chair of Council for the Provost.

Annex 3

REGISTER OF INTERESTS
of Directorships, Partnerships, Consultancies, Trusteeships, Trade Engagements, Other Remunerated Engagements and Membership of External Committees

UCL Policy and Approval Procedures

Introduction

In keeping with its academic aims and purposes, UCL encourages close liaison between its staff and industry, commerce and Government departments through the acceptance by staff of personal Directorships, Partnerships, Consultancies (including Private Clinical Practice), Trusteeships, Trade Engagements and membership of official committees.

UCL encourages such interaction, but is mindful of its obligation to provide safeguards, wherever possible, against anything arising from these links which could be detrimental to UCL or to individual members of staff. One area of concern is that of potential conflicts of interest; another is legal liability and indemnity insurance cover.

Where the possibility of conflict of interests exists, it is universally accepted that prior declaration by all parties of their interests is essential. A Register of Interests is kept of the personal interests of staff, both full- and part-time, which may overlap with the interests of UCL. Thus, members of staff, in addition to declaring their interests as Consultants etc, are asked to provide details of membership of external committees whose work may be related to that of UCL, e.g. Research Councils, Government departments, professional bodies, training organisations.

Members of staff could also be engaged in trading activities or other remunerated positions, without necessarily holding Consultancies etc, in which there could be deemed to be a conflict of interest with UCL.

The Register is kept on computer under the highest security classification and is subject to the provisions of the Data Protection Act. Persons with bona fide and substantial reasons to inspect declarations shall be allowed access at the discretion of the Director of Finance or Director of Human Resources.

Annual Return

All members of Academic Staff, Non-academic Staff (Grades 9 and 10), and Honorary Staff and Emeritus Staff actively involved in the work of UCL are required to complete and submit an Annual Return in August of each year.

Prior to submission the Return should be discussed with your Head of Department, who is best placed to understand how any external activities overlap with your UCL activities. Thereafter the Return should be sent to the Senior Accountant - Financial Accounting, Finance Division, and a copy given to your Head of Department.

Staff are required to submit a (nil) return even if their answers to questions 1, 2 AND 3 are all ‘No’. Staff are reminded that failure to declare an interest is a disciplinary matter and are therefore advised to declare such an interest if they are in any doubt about its relevance or materiality.