A new report from the Australian Securities and Investments Commission (ASIC) should prompt companies to consider whether any changes need to be made to align their whistleblower program with ASIC’s proposed “good practices”.

ASIC has released a report on “Good practices for handling whistleblower disclosures” which sets out features it found were shared by companies with strong whistleblower programs.

Laws on whistleblowing in Australia – a reminder

In Australia, it is illegal to victimise whistleblowers, or to disclose a whistleblower’s identity (other than through authorised channels or with their consent).
Public companies and large proprietary companies are also required under the Corporations Act 2001 (Cth) (the Act) to have a whistleblower policy that sets out:

• the protections available to whistleblowers, including protections under the Act
• how and to whom disclosures protected under the Act may be made
• how the company will support and protect whistleblowers from harm
• how the company will investigate disclosures
• how the company will ensure fair treatment of employees mentioned in or the subject of a disclosure
• how the policy will be made available to the company’s officers and employees.

Failure to comply is an offence, and can also result in serious reputational consequences for a company.

ASIC’s six indicia of strong corporate whistleblower programs

ASIC has previously released guidance on the operational arrangements it expects companies to have in place. This...

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