On 2 March 2023, ASIC published a report which aims to help entities improve their arrangements for handling whistleblowers and ensure people are encouraged to speak up if and when they identify misconduct or an improper state of affairs (Good Practices Report).
Summary
The Good Practices Report found that regulated entities who implemented thoughtful and well-publicised arrangements for protecting whistleblowers and handling disclosures received useful reports about concerns and issues in the workplace. As a result, these workplaces were in a more advantageous position to address these issues at an early stage.
Background
Whistleblowing is an integral part of a transparent, accountable and safe work culture. To cultivate and encourage whistleblowing in the corporate sector, whistleblowers need to know that they will be protected if and when they decide to come forward with their concerns.
In 2022, ASIC reviewed the whistleblower programs of seven entities which were selected on the basis of their “similar attributes” and “likelihood to have developed whistleblower programs in place”. ASIC examined those programs to assist with identifying scalable good practices to share with other regulated entities.
The sample regulated entities considered in the review were:
The Good Practices...
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