Publications - Corporate & Commercial
Increased Rights and Protections for Whistleblowers
July 2019
Snapshot
As and from 1 July 2019, amendments to the Corporations Act 2001 (Cth) strengthening protections and rights for whistleblowers reporting corporate misconduct will come into force.
As part of these changes, public companies, large proprietary companies, and corporate trustees of registrable superannuation entities will need to have a whistleblower policy in place as and from 1 January 2020.
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On 1 July 2019, amendments to the Corporations Act 2001 (Cth) will come into force which grant whistleblowers stronger protections and rights when reporting corporate misconduct. The amendments are designed to encourage whistleblowers to come forward with their concerns by better protecting them when they do. Included in the amendments is a new requirement that, as and from 1 January 2020, public companies, large proprietary companies, and corporate trustees of registrable superannuation entities will need to have a whistleblower policy.
The changes to the whistleblower rights and protections include:
Where can I find more information?
The Australian Securities and Investments Commission (ASIC) has a dedicated page available at https://asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/whistleblower-rights-and-protections/ which provides useful general information about the whistleblower rights and protections. ASIC also has an information sheet on how it handles whistleblower reports, which can be accessed at https://asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/how-asic-handles-whistleblower-reports/. Further regulatory guidance about the whistleblower policy requirement is expected to be available from ASIC in due course.
If you are a corporate entity and would like help with developing or managing your whistelblower policy, or if you think you may be a whistleblower and require advice in relation to your own personal circumstances, please contact us.
As and from 1 July 2019, amendments to the Corporations Act 2001 (Cth) strengthening protections and rights for whistleblowers reporting corporate misconduct will come into force.
As part of these changes, public companies, large proprietary companies, and corporate trustees of registrable superannuation entities will need to have a whistleblower policy in place as and from 1 January 2020.
___________________________________________________________________________________________________________________________________________
On 1 July 2019, amendments to the Corporations Act 2001 (Cth) will come into force which grant whistleblowers stronger protections and rights when reporting corporate misconduct. The amendments are designed to encourage whistleblowers to come forward with their concerns by better protecting them when they do. Included in the amendments is a new requirement that, as and from 1 January 2020, public companies, large proprietary companies, and corporate trustees of registrable superannuation entities will need to have a whistleblower policy.
The changes to the whistleblower rights and protections include:
- expanding the type of reports covered by the protections beyond breaches of the law to also include reports about misconduct or an improper state of affairs;
- providing access to compensation for whistleblowers who suffer damage, injury, or loss as a consequence of making their report;
- additional requirements to maintain the confidentiality of whistleblowers (to protect them from suffering, or being threatened with, detriment); and
- expanding the type of people who can access the whistleblowers protections to include not only current and former company employees, officers and contractors, but also the spouses and dependents of these persons, regardless of whether the report is made anonymously or not.
Where can I find more information?
The Australian Securities and Investments Commission (ASIC) has a dedicated page available at https://asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/whistleblower-rights-and-protections/ which provides useful general information about the whistleblower rights and protections. ASIC also has an information sheet on how it handles whistleblower reports, which can be accessed at https://asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/how-asic-handles-whistleblower-reports/. Further regulatory guidance about the whistleblower policy requirement is expected to be available from ASIC in due course.
If you are a corporate entity and would like help with developing or managing your whistelblower policy, or if you think you may be a whistleblower and require advice in relation to your own personal circumstances, please contact us.
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Sarah Toomey Westcott
Senior Associate Bradfield & Scott Lawyers Telephone: 9233 7299 Email: swestcott@bradscott.com.au |
