5. Investments: Periodically, it can be reasonably expected that both general and restricted endowment funds of MRA may be invested in securities issued by companies with which trustees, officers or employees are affiliated. To the extent that individuals serving on the finance, endowment and/or development committees are directly involved in investment decisions, the appropriate procedure will be for such person to remove himself from any investment decisions with respect to companies or interests with which he is affiliated. 6. Outside Activities: The following activities by employees of MRA may provide the potential for a conflict of interest and shall be undertaken only with prior approval: c. Participating in any activity (whether for personal profit or incident to industry, civic or charitable organizations' affairs), likely to require the employee's time during normal working hours, unless approved by the employee's supervisor. d. Participating in outside activities which regularly interfere with MRA duties. DISCLOSURE, APPROVAL AND RESOLUTION OF CONFLICT OF INTEREST General Provisions: a. Rendering of services which compete with those rendered by MRA. b. Rendering of services to an entity which does business with MRA. Each trustee, officer, and employee is asked to sign annually a statement reflecting his continued awareness and understanding of this policy. At the same time, the individual will report the absence of potential conflicts or possible areas of concern and will list personal and business relationships which may appear to present a conflict of interest. In all conflict-of-interest procedures, trustees and officers shall direct all disclosure statements in writing to, and deal as necessary with, the Chairman of the Finance Committee; employees shall direct all disclosure statements in writing to, and deal as necessary with, the Head of School. In cases where an individual may be both an officer and employee, he shall proceed as employee. The Head of School shall make his/her disclosure statement in writing to, and deal as necessary with, the Chairman of the Finance Committee. All disclosures made in accordance with this policy shall be kept confidential unless the best interests of MRA dictate otherwise. Disclosure forms shall be kept confidential and access to these forms shall be limited to the person or persons responsible for the implementation of this policy. The Chairman of the Finance Committee and the Head of School shall review statements appropriately received. The person reviewing shall then: a. Determine whether there is a conflict of interest or the appearance of a potential conflict of interest; or b. In the case of advanced disclosure, approve or disapprove the activity; or c. Refer it to the Finance Committee or to the Board of Trustees, or to such a subcommittee designated by the Board of Trustees to handle such conflicts, for review and disposition. When it is concluded that a conflict actually or potentially exists, the Chairman of the Finance Committee, the Head of School, or the designated subcommittee may request that:
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