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Report to Support Whistleblowing Compliance

Friday 10 March 2023

 

Earlier this month, the Australian Securities and Investments Commission (ASIC) published REP 758 Good Practices for Handling Disclosures to help entities improve their processes around whistleblowing and comply with Part 9.4AAA of the Corporation Act, which has strong protections for corporate whistleblowers. 

In an official statement, ASIC Commissioner Danielle Press said, "ASIC’s report reiterates the important role that whistleblower programs play in alerting entities and boards to changes necessary to help improve overall corporate performance and governance”.

An official statement from the regulator indicated a review of seven entities from a cross-section of industries. 

A list of the  seven entities whose whistleblowing programs were sampled:
  • Australia and New Zealand Banking Group Ltd
  • AustralianSuper Pty Ltd
  •  BHP Group Ltd 
  • Commonwealth Bank of Australia
  • Netwealth Group Ltd 
  • Treasury Wine Estates Ltd and
  •  Woolworths Group Ltd
 
The report listed some of the common elements of a strong whistleblowing program:
  • established a strong foundation for the program—for example, through procedures and systems to embed the program’s requirements
  •  fostered a culture and practices to support whistleblowers
  • informed and trained those involved in receiving or handling disclosures about protecting whistleblowers and treating material confidentially
  •  monitored, reviewed, and improved the program, including seeking feedback from whistleblowers
  •  used information from disclosures to address underlying harms and improve company performance › embedded senior executive accountability for the program
  •  created frameworks to entrench effective director oversight.
 
 

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