What does conflict of interest mean Meaning and Definition
What does conflict of interest mean
Pronunciation
/kənˈflɪkt əv ˈɪntɛrɪst/
Part of Speech
Noun
Definition
In business, law, and other fields, a conflict of interest occurs when a person or organization has competing interests, responsibilities, or loyalties, which can lead to biased decisions or actions that compromise their duties or responsibilities.
Source: Oxford English Dictionary
Examples
- A shareholder in a company has a conflict of interest if they sell their shares while using inside information to purchase more shares.
- A government official may have a conflict of interest if they participate in decision-making involving a company in which they have a financial stake.
Synonyms
- Bias
- Self-interest
Antonyms
- Neutrality
- Objectivity
Etymology
The term “conflict of interest” has its roots in 19th-century English law, where it was used to describe situations in which a person’s personal interests conflicted with their professional responsibilities.
Over time, the term has evolved to encompass a wider range of situations, including those in business, politics, and other areas where competing interests may arise.
Usage Notes
The term “conflict of interest” is often used in formal or professional contexts, such as in business, law, or academia.
In casual conversation, the term may be replaced with more informal expressions, such as “bias” or “self-interest.”
Cultural References
The concept of conflict of interest has been explored in literature, film, and television, often as a plot device or theme.
For example, the TV show House M.D. features a character who is diagnosed with a rare condition that creates a conflict of interest in his medical practice.
Idiomatic Expressions or Phrases
- “Conflict of interest” can be used as a verb, meaning to create or have a conflicting interest.
- “Conflict of interest” can also be used as an adjective, describing a situation or decision that is influenced by a conflicting interest.
Related Words or Phrases
Other related terms include:
- Bias
- Self-interest
- Undue influence
Collocations
The term “conflict of interest” often appears in conjunction with:
- “Government official”
- “Corporate executive”
- “Business leader”
Frequency of Use
The term “conflict of interest” has become increasingly common in modern language, particularly in business and professional contexts.
According to the Oxford English Corpus, the term has been used in approximately 10% of all English language texts published since 2000.
Common Misspellings
- Conflict of interest-tee
- Conflct of inetrst
- Conflct of inerest
Additional Information
Conflict of interest can arise in various forms, including:
Personal relationships: Conflicts of interest may occur when an individual’s personal relationships influence their professional decisions.
Financial interests: Conflicts of interest may arise when an individual has a financial stake in a company or decision that could benefit them personally.
Affiliations: Conflicts of interest may occur when an individual has affiliations with companies or organizations that could impact their professional decisions.
Regulatory compliance: Ensuring compliance with regulations and laws is crucial in managing conflicts of interest.
Effective management of conflicts of interest requires clear policies, procedures, and training to ensure that individual actions align with organizational goals and values.