New decade new whistleblower policy requirement
ASIC reminds public companies, large proprietary companies, and corporate trustees of superannuation entities regulated by APRA that they must have a whistleblower policy and make it available to their officers and employees by 1 January 2020.
The whistleblower policies need to identify how the company will protect whistleblowers and investigate their concerns. Furthermore, courts will consider a company’s whistleblower policy and how it has been implemented when deciding compensation claims.
ASIC Commissioner John Price emphasised the significance of a whistleblower policy as a component of corporate governance as they promote a more ethical corporate culture and encourage employees to address any misconduct occurring.