The Crown Entities Act 2004 sets out the collective and individual duties of the FMA board and its members. These duties are owed to the Minister of Commerce.
The FMA Board recognises conflicts of interest as serious governance issues. The FMA maintains a Board Conflicts Policy which manages how interests are to be disclosed, registered and properly managed in relation to any matter that the FMA is considering.
All members of staff are required to comply with the State Sector Code of Conduct. The Code sets out the minimum standards of integrity and conduct expected of public sector employees – they must be fair, impartial, responsible and trustworthy. The FMA has adopted its own Code of Conduct which adopts and supplements the State Sector Code.
The Board has approved a number of policies to set high standards of ethical behaviour throughout the organisation. These include policies for the purpose of managing staff conflicts of interest; policies for holding and dealing with information securely, including how to protect information from inadvertent disclosure or unauthorised access or use; policies and guidelines relating to procurement and purchasing, and policies for managing sensitive expenditure and the receipt of gifts. The FMA has an obligation to disclose the Chief Executive’s expenses.