REGISTER OF PECUNIARY INTERESTS – GUIDANCE NOTES

  1. Governors and staff should declare any links they have with local firms from which the school may wish to buy goods or services. It is important for anyone involved in spending public money to demonstrate that they do not benefit personally from decisions that they make.
  1. What is a pecuniary interest? Financial Regulation 16.2 defines a significant interest as one in which the individual stands to gain substantial direct or indirect reward from a transaction made with the school. For example, when a member of staff or a governor (their partner or a close relative) is a partner in, or sole proprietor of, a supplier from which the school could make substantial purchases (either singly or over a period) then a pecuniary interest exists if that person is involved in any way with the school’s selection of suppliers.
  1. Ultimately the tests that determine whether or not an interest should be registered should be based on materiality;

a)Is the interest significant?

b)Does the individual stand to gain direct or indirect reward from the transaction?

The value of the transaction will clearly be of relevance in making this determination.

  1. Where doubt exists the best advice would be to declare the interest.
  1. ALL governors and staff should complete and sign the declaration even if the declaration is ‘NONE’
  1. The register should be checked and updated at least annually.

COMPLETING THE REGISTER

Name / Position / Self/Partner/Close relative / Nature of interest / Date
Declared / Date Terminated
Enter the name of the member of staff/governor declaring the interest / Position held in the school/on the governing body / Person who could potentially benefit from the pecuniary interest / Details of the pecuniary interest / Duration of the interest
e.g. Mrs X / Governor (Finance Committee) / Husband / Major share holder in Research Machines / 24.11.99

“It is important for anyone involved in spending public money to demonstrate that they do not benefit personally from decisions that they make. Financial Regulation 16.2 forbids members of staff and school governors from authorising purchases of goods and services from themselves, their relatives or an organisation in which they have a significant interest and requires a register of such interests to be maintained at the school.” (OFSTED)

COMPLETE THE FORM OVERLEAF AND RETURN IT TO THE SCHOOL’S FINANCE OFFICER/CLERK TO GOVERNING BODY AS SOON AS POSSIBLE.

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