The Australian Securities and Investments Commission (ASIC) has unveiled strong new rules protecting whistleblowers in the private sector.
ASIC Commissioner John Price said the Corporations Act 2001 now had better protections for corporate whistle-blowers with new requirements maintaining their confidentiality and ensuring they were prevented from suffering or being threatened with detriment.
“Whistle-blowers can also seek compensation if they suffer loss, damage, or injury for making their disclosure,” Mr Price said.
“These protections are important to ensure and encourage whistle-blowers to come forward to the company or to ASIC to raise their concerns.”
He said that to assist with the changes, ASIC had updated information on its website and had issued two new information sheets: Whistle-blower Rights and Protections (INFO 238) and How ASIC Handles Whistle-blower Reports (INFO 239).
Mr Price said the information sheets covered both current and former company employees, officers, and contractors, as well as their spouses and dependants, even where these people wished to remain anonymous.
“The protections will apply to whistle-blower reports covering misconduct or an improper state of affairs or circumstances, not just breaches of the law,” he said
“Whistle-blowers can lodge a report with ASIC through our online misconduct reporting form.”
He said the changes would also require public companies, large proprietary companies and corporate trustees of registrable superannuation entities, to have a whistle-blower policy in place from 1 January 2020.
Information about the new protections and rules can be accessed on the ASIC website at this PS News link.
