A quick Google search seems to indicate that consulting with General Counsel about abstaining because of conflict of interest is not considered dangerous, but is in fact a "general principle" The Chicago Mercantile Exchange Voting. 1. In the event of any potential or actual conflict of interest involving a board member, including a director having a material financial interest in a matter to be considered by the Board of Directors, the Board, after consultation with the General Counsel and outside legal counsel if necessary, shall determine the appropriate action to be taken. As a general matter, CME believes it is appropriate for a director to abstain from voting on a matter in which he has a material financial interest. 2. In the event a director abstains because of a conflict of interest, the abstention shall be noted in the minutes of the meeting. The full Conflict of Interest policy can be found at: http://files.shareholder.com/downloads/CME...WebDoc_2335.pdf