UK - does this "Outside interests " clause pertain to working hours only?

Question

I was reviewing a contract before signing and found this clause:

4.1 Subject to clause 4.3, during the course of your employment you shall not, except as a representative of the Company or with the prior written approval of your Line Manager and a Director, whether paid or unpaid, be directly or indirectly engaged, concerned or have any direct financial interest in any capacity in any other business, trade, profession or occupation (or the setting up of any business, trade, profession or occupation).

I have queried about this clause (standard conflict of interest clause seems more appropriate than this which I believe is excessive) and I was told that this only applies to "core working hours" (somehow including holidays/leave) and anything I do out of that time does not fall under this clause.

I am concerned because, to me, this clause doesn't say anything about time, it just says "during the course of your employment", which essentially means "24/7 from the start of your employment until the end"

Can anyone confirm one way or the other?

Although not directly relevant to my question, here's the rest of clause 4:

4.2 Notwithstanding clause 4.1, you may hold an investment by way of shares or other securities of not more than 5% of the total issues share capital of any company (whether of not it is listed or dealt in on a recognised stock exchange) where such company does not carry on a business similar to or competitive with any business for the time being carried on by the Company.

4.3 You agree to disclose to the Company any matters relating to your spouse or civil partner which may, in the reasonable opinion of the Company, be considered to interfere, conflict or compete with the proper performance of your obligations under this agreement.

Answer 1

Yes, this also applies to outside hours. It's while you are employed, which is not just working hours.

What you were told is wrong, you need to ask approval from the compliance office (or manager, depends on the company) if you can participate in these external activities, even if it's voluntary for a homeless shelter as their accountant (for instance).

Answer 2

This clause effectively forbids you from doing anything, ANYTHING, with any other company. You cannot, for example, own shares in another company.

The above is a nonsense interpretation - it's far to broad, as noted by Juha. The remainder of section 4, especially clause 4.3 will clarify the intent of this clause (4.1), which most likely just means you can't do any paid or unpaid work for anyone (company) else. As @Matthieu Brucher notes above, the hours are irrelevant.

As explicitly stated, the way round it is to request explicit written consent (email will do) for your Saturday afternoon helping in the charity shop, or doing the website for Uncle Frank's online basket weaving shop. If you're sufficiently junior, you'll probably also not be refused permission for another part-time job, providing it's not a competitor or will impair your performance (no all-night coding).

I should probably learn brevity, but (as with any other contract), you can't take a section in isolation and state "this means x".