ASIC Update - ASIC calls on Australian CEO's to review whistleblower policies

ASIC has recently (13 October 2021) released a statement on their website asking “CEO’s of public companies, large proprietary companies and trustees of registerable superannuation entities (RSEs) urging them to review their whistleblower policies to ensure they comply with the law.”

ASIC further stated that they are, “concerned the majority of those policies did not fully address the relevant requirements. As a result, whistleblowers may not know how they are protected, or feel unsure about how to speak up. This could lead to entities missing opportunities to identify and address potential misconduct at an early stage.” To read more on the ASIC release, please click on the link below.

The Regulatory Guide 270 released by ASIC in November 2019 is a great reference tool for all entities no matter the size (large or small) to follow and draft a fully compliant whistleblower policy. The Regulatory Guide 270 (RG270) also provides other tips and oversight about managing a complaint and developing a safe working environment for your employees.

If you need any assistance or feedback on your whistleblower policy please send an email to andrewmcleish@stopline.com.au or call the office on 03 9882 4550 or 1300 30 45 50 and we can help you.

To read more on the recent ASIC release click here.