Print4.2 Disclosure of COIs
Disclosure is the primary means for addressing possible conflicts of interest, for similar reasons to those in our disclosure to Subjects and Stakeholders (Lesson 2, Part 2). It might be obvious to state that the easiest way to avoid COIs is to be able to know about them in advance. This is why identifying and disclosing known COIs is the best way to avoid the mistrust that may come from them. In other words, information and access to that information about possible conflicts of interests is still the best way to avoid them.
The external perception of a conflict of interest, even if it feels as though none exists, is enough to put projects, CEOs, and/or entire companies at risk. Integrity is typically based on a person or company’s record for avoiding conflicts of interest and in “fair dealings.”
Penn State, like most major research universities, has an extensive COI policy. For the full policy and requirements for individual reporting, you can read through Penn State's Research Administration Policies Research Protections. All researchers receiving federal funds must report any possible financial conflicts of interest at least once per year, and within thirty days if one does arise. Penn State defines the purpose of the policy as the following:
"The purpose of this Policy is to maintain the objectivity and integrity of Research at The Pennsylvania State University (the “University”) and to ensure transparency in relationships with outside Entities and individuals as they relate to the academic and scholarly mission of the University. Among its many missions, the University seeks to foster interactions between the private sector and academia, as interdisciplinary and translational research is of ever-increasing importance in transforming newfound knowledge into useable technologies and scholarship that benefit the public. There is, however, the potential for financial conflicts of interest in such collaborations. In most cases those conflicts can be managed appropriately, rather than eliminated, thereby enabling those involved in University Research to engage in that Research objectively and with integrity and at the same time maintain acceptable financial relationships with outside Entities and individuals. Disclosure of financial interests to the University will protect both investigators and Penn State from potential criticism or even government sanctions in the event such relationships are subsequently called into question."
As you will see in the following example, corporations also have a significant interest in keeping conflicts of interest from occurring.