The term conflict of interest is used to explain a situation where a board member is participating in making a decision in which there is a possibility that the board member will receive some personal benefit.
The above definition explains the issue without using the words conflict or interest in the definition. This is a good thing in a definition. Your organization should develop a definition of conflict of interest, and some examples. Board members should be made aware of the rules so that they are able to avoid situations that look like conflict of interest.