The Australian Securities and Investments Commission (ASIC) is calling for public input on proposed guidance for private companies facing legal obligations to implement whistleblower management policies.
ASIC has produced a consultation paper and draft regulatory guide to assist in the consultation process.
In a statement, ASIC said public companies, large proprietary companies and corporate trustees of registrable superannuation entities must implement a whistleblower policy and make it available to their officers and employees by 1 January 2020.
“This requirement was introduced as part of the reforms to the corporate sector whistleblower regime that began on 1 July,” the Commission said.
“The proposed guide explains how companies can establish, implement and maintain a policy.”
ASIC said the guide covered the information that companies must include in their whistleblowers policy, including how they would support and protect whistleblowers and handle and investigate whistleblower disclosures.
Commissioner at ASIC, John Price (pictured) said companies needed to have a robust and clear whistleblower policy.
“Transparent whistleblower policies are essential to good risk management and corporate governance,” Mr Price said.
“They help uncover wrongdoing that may not otherwise be detected,” he said.
“Implemented appropriately, whistleblower policies will help companies to comply with their legal obligations to protect whistleblowers from being identified and to protect whistleblowers from detriment.”
He said ASIC also sought feedback about exempting public companies that were small not-for-profits or charities, from the requirement to have a whistleblower policy.
The consultation is open with comments due by 18 September.
ASIC’s 19-page consultation paper can be accessed at this PS News link and the 50-page draft regulatory guide can be accessed at this link.
