The Australian Securities and Investments Commission (ASIC) is calling on Australian CEOs, from public companies, large proprietary companies and corporate superannuation trustees to review their whistleblower policies and processes to ensure compliance with private sector whistleblower laws.
Strengthened private sector whistleblower regime
An enhanced private sector whistleblower regime commenced 1 July 2019: Pt 9.4AAA, Corporations Act 2001 (Cth) and Taxation Administration Act 1953 (Cth) (together, Acts).
The regime protects eligible whistleblowers who complain about disclosable matters to eligible recipients as required under the Acts: Pt 9.4AAA, Corporations Act 2001 (Cth) (Corporations Act) and Part IVD, Taxation Administration Act 1953 (Cth) (Tax Act).
Under the Acts, the definition of eligible whistleblowers is broadly defined and extends to the supply chain and relatives or dependents of an employee, officer or contractor: s 1317AAA Corporations Act and s 14ZZU, Tax Act..
The Acts do not require a disclosure to be made in “good faith”. The whistleblower must, however, have reasonable grounds to suspect that the information concerns misconduct, or an improper state of affairs or circumstances, in relation to the regulated entity or a related body corporate of the regulated entity. In the case of the Tax Act, this concern must relate to the entity’s tax affairs.
The Acts protect whistleblowers from having their identities disclosed without consent. The Acts also...
File photo of Vinod Kambli PTI Former India cricketer Vinod Kambli hasn't been in the best of health for a long time. But serious concerns over his health emerged a few days ago when a friend of h...