Protections for whistleblowers get the nod

The whistleblower amendment bill¹ has been passed by the House of Representatives today (19 February 2019) which now only requires Royal Assent before it becomes operational and is expected to commence mid 2019.

The new Act² requires both listed and large proprietary companies (within the meaning of the Corporations Act 2001 (Cth)) to have a whistleblower policy.

Further, entities that are governed by various other acts³ applicable to the corporate, financial, insurance, superannuation and tax sectors will, as a result of the passage of the Act, also be subject to the large number of new governance requirements resulting from the strengthened whistleblower protections and remedies under the Act.⁴

Entities that fail to implement a whistleblower policy or breach requirements of the new Act⁵ risk facing offences of strict liability and significant penalties under the Act.⁶

In addition to introducing a whistleblower policy, entities will also be obliged to put into place training and reporting protocols and procedures. Affected entities have no time to wait and should take immediate action to ensure compliance.

If you require assistance, please do not hesitate to contact Dan Kirk on 9288 6906 or Michele Ryan on 9288 6719.