ASIC has released a letter it has sent to CEOs of public companies, large proprietary companies and trustees of registrable superannuation entities (RSEs) encouraging them to check whether their entity’s whistleblower policy complies with the Corporations Act’s requirements and setting out its expectations. Background.

ASIC says that it found in its 2020 review of a sample of whistleblower policies that the majority of
the policies it reviewed appeared not to include all the information required by the Corporations Act to reflect the whistleblower protection regime that started on 1 July 2019.

The most prevalent and concerning issues ASIC observed in the policies it reviewed involved unclear, incomplete or inaccurate information about how potential whistleblowers can make a qualifying disclosure and about the protections available under the Corporations Act.

ASIC says that it will continue to monitor compliance with the whistleblower policy requirements and
entities’ handling of whistleblower disclosures.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.