Super trustees to formulate whistleblower policies

The corporate regulator is expecting superannuation trustees to have whistleblower policies in place 1 January 2020.

ASIC is broadening the whistleblower regime introduced on 1 July 2019 in an effort to reform to the corporate sector.

It is proposing to include public companies, large proprietary companies and proprietary companies that are trustees of registrable superannuation entities.

ASIC recently released Consultation Paper 321 Whistleblower policies, wanting such entities to focus on disclosures of information that qualify for protection - rather than disclose reports about issues and concerns.

ASIC hopes that with proper policies in place, such entities can encourage whistleblowers to come forward, reveal and address misconduct occurring within companies, deter wrongdoing within companies and foster an ethical culture.

The Whistleblower Protections Act was passed by Parliament on 19 February 2019. It received royal assent on 12 March 2019.

The reforms commenced on 1 July 2019, aiming to provide stronger rights and protections to whistleblowers.

ASIC commissioner John Price said transparent whistleblower policies are essential to good risk management and corporate governance, and help uncover wrongdoing that may not otherwise be detected.

"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."

ASIC is consulting with the industry until September 18.

It is also seeking feedback about exempting public companies that are small not-for-profits or charities from implementing whistleblower policies.

Read more: ASICWhistleblower Protections ActJohn Price
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