A key concern for financial institutions is possible conflict of interest, especially when someone senior takes on a role in an outside organisation, said OCBC spokesman Koh Ching Ching.
'It is important that financial institutions know of potential conflict of interest for their bank employees as we are required to regularly report to the regulators and our respective boards on any credit facilities to entities where our employees are directors, executive officers, guarantors or sureties,' she said. 'Financial institutions also need to know of potential conflicts for any possible supplier-buyer situations, even for accounts held by non-profit organisations or charities with us.'
That was why it was 'common human resource policy' for senior employees to get approval before taking on board positions in companies or non-profit and charitable organisations, she said.
OCBC encouraged staff to be involved in the community and give back to society, but left it to them to balance their work, family and volunteer commitments, she said.
Singapore Human Resource Institute executive director David Ang said most firms would have general guidelines about staff doing outside work or holding office in other organisations. His advice to those pursuing outside interests: 'The most basic rule is to clearly spell out what it is you intend to do, communicate this clearly to your company or at least to your direct supervisor.'
And give the boss enough time to examine conflict-of-interest concerns - including whether the employee's performance at work may be affected. 'If such conflicts occur, the company will generally advise the employee not to take up the position,' he said.