Company whistleblower policies are not meeting the relevant requirements – this is the key message from an ASIC select review of whistleblower policies from public companies, large proprietary companies and trustees of registrable superannuation entities (RSEs).
ASIC is calling on CEOs of these entities to review and revise their whistleblower policies to ensure they comply with the law, offer whistleblowers safe channels to speak up and identify potential misconduct early.
ASIC Commissioner Sean Hughes said,
“Whistleblowers help companies and RSEs identify problems and issues that they need to address to comply with the law and improve their performance. Whistleblower policies are essential for encouraging potential whistleblowers to speak up. Policies must clearly set out the legislated whistleblower protections and the process for reporting misconduct.”
Read the media release and open letter to CEOs here.
Access whistleblower policy resources on the Bribery Prevention Hub here, and a case study on implementing a whistleblower policy here.