ASIC has signalled a renewed focus on compliance with corporate whistleblower laws following the completion of its review of corporate whistleblower policies by issuing an open letter to CEOs of Australian public and large proprietary companies recommending companies review their whistleblower policies and processes against the current legislative and regulatory guidance.
The letter from ASIC identifies several areas where polices examined by ASIC have been found to be lacking and provides guidance to address these weaknesses.
This article provide an overview of the whistleblower laws and looks at the guidance released by ASIC which should be considered to ensure your whistleblower policy is aligned to legal requirements and ASICs expectations.
The Whistleblower Laws
The Whistleblower Laws were first introduced in the Senate in December 2017 and, following a period of Senate Committee reporting and consultation, were introduced into the Corporations Act and Taxation Administration Act through the Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2018 (Whistleblower Laws).
The explanatory materials for the new laws speak to the purpose of the legislation which “addresses gaps and uncertainties in the protections and remedies available to corporate and financial sector whistleblowers”. It was always designed to be an expansive amendment, lowering the threshold for whistleblowers to be protected under the scheme.
The Whistleblower Laws sought to achieve this...
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