Bills Seek to End Conflicts of Interest on Co-op and Condo Boards

Proposed laws would require annual reports on all contract awards.  Smart co-op and condo boards treat conflicts of interest – even the appearance of conflicts of interest – the same way they treat the bubonic plague. They want absolutely nothing to do with them.  The reason for this became apparent recently when a shareholder in an Upper East Side co-op sued his board over a disputed terrace repair. While digging through the co-op’s records, the aggrieved shareholder learned that the board had hired a roofing company owned by the board president’s brother-in-law – an arrangement that was not disclosed to shareholders. The co-op’s attorney quickly pointed out that the board president had recused himself from the vote to hire the contractor. But the appearance of a possible conflict of interest was impossible to ignore.    Read the article……………

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