Waiting to happen?? Seriously, if you still think the conflict of interests is waiting to happen, your intelligence should be called in question.
It was an expression, rather than a literalism, as in i personally believe that it shouldn't be allowed. You shouldn't be on the board of a private company and work in government.

Your patience with the existing government is commendable and your argument reasonable. However you can't deny the fact that if your country were being run by a board of directors and the elected lot were to be the CEO and other officers, not many would be able to save their jobs.
Actually judging by private enterprise standards, all the board would be complicit, 1 or 2 shown to be responsible, lose there job but with a huge pay off only to be offered another job at another Big company within months. The rest of the board would carry on as though nothing had happened :0)