ASIC has released its draft regulatory guide for implementing a whistleblower policy and related procedures to meet the strengthened whistleblower protection laws in the Corporations Act, including the requirement to have a whistleblower policy in place by 1 January 2020.
Significant changes to the whistleblower protections contained in Part 9.4AAA of the Corporation Act 2001 (Cth) commenced on 1 July 2019. Public companies and large proprietary companies are required to have in place a whistleblower policy from 1 January 2020.
Following a public consultation process that was held between May and July 2018, the ASX Corporate Governance Council released the fourth edition of the ASX Corporate Governance Principles and Recommendations in February 2019. A national roadshow was conducted in the first half of May 2019 to explain the changes in the fourth edition.
The Coalition Government’s “shock” Federal election win on the 18th May has, aside from the pundits and papers questioning how all the polls got it so wrong for so long, sent many of us back to look at the Coalition government’s policies and previous announcements concerning the financial services industry.
In our 19 December 2018 update, “A Reflection on 2018”, we highlighted the second reading debate in the Senate on the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 (Cth). This entry outlines the new protections and describes the increases to the penalties in the Corporations Act 2001 (Cth), including penalties for contravening the whistleblower protections, made by the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth).