We have a bank director that holds an annual nationally recognized event. The bank has sponsored the event prior to the event holder joining the Board (sponsored for 3 years - been a director for one year). Since the event owner is now a director, is there any documentation and/or review we should do to document that sponsorship of the Director's event does not cause a conflict of interest?

Are there any other issues we should consider regarding the sponsorship now that the owner is a director?

I don't see any issues, but I am assuming you are talking about some sort of non-profit event.

I'd need more details such as...what type of event? Anything political (fundraiser) would be a no no, but I doubt that's it since you sponsored before. Is the Director also an owner of the bank? It cant hurt to document that the amount of the sponsorship is the same as in prior years. If it's something you get CRA credit for, that would be an easy way to track.

My understanding the event does make a profit. It is a hunting related competition event where prizes are award to entrants of the competition. No cost to enter the contest. There are also individual retail exhibitors at the event. We are one of 9 major sponsors. The director is a shareholder but not a principal shareholder.

I don't see an issue...notating that the amount is similar to prior years cant hurt.

I don't see anything of note either.