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

Written By Andrew McLeish

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.

Andrew McLeish

Andrew McLeish is the CEO and Managing Director of Stopline Pty Ltd, Australia’s first dedicated whistleblower hotline service, and the Founder of Make a Report Pty Ltd, a secure, cloud-based reporting and case management platform. With more than 25 years of experience in corporate governance, whistleblower reporting, and workplace investigations, Andrew is a nationally recognised authority in integrity services and compliance.

Since Stopline was founded in 2001, Andrew has led the delivery of whistleblower services to over 500 organisations across government, corporate, and not-for-profit sectors, managing thousands of confidential disclosures each year. Drawing on over two decades of insight and client feedback, Andrew designed and built the Make a Report platform to align with key legislative requirements - such as the Corporations Act, Public Interest Disclosure Act, and the Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 - as well as national and international standards including AS 8001:2021 – Fraud and Corruption Control, ISO 37001 – Anti-Bribery Management Systems, and ISO 37002 – Whistleblowing Management Systems.

He is a trusted advisor to boards, executives, and compliance leaders, known for his practical, ethical, and strategic approach to addressing complex matters involving misconduct, fraud, and corporate wrongdoing.

https://www.stopline.com.au
Previous

New Australian Standard AS 8001:2021 - Fraud and corruption control
Next

What Should I Do?