The two consultations were:
- The Australian Government consultation paper: ‘Review of tax and corporate whistleblower protections in Australia’; and
- The Parliamentary Joint Committee on Corporations and Financial Services inquiry into whistleblowing protections in the corporate, public and not-for-profit sectors
The AICD has called for more robust protections of whistleblowers including reforms to:
- Broaden the definition of discloser to include people who have a former association with a company, as well as including additional categories of individuals (such as unpaid workers, and accountants and auditors);
- Broaden the range of topics about which a disclosure can be made to more accurately capture the scope of potential corporate wrongdoing;
- Remove the requirement that a disclosure be made in ‘good faith’ and replace it with a more objective test that does not focus on motive;
- Strengthen the protections against unlawful reprisal including tougher penalties for breaches;
- Give further consideration to a model for third party disclosures in extraordinary circumstances;
- Improve the compensation framework for whistleblowers who suffer victimisation or financial loss;
- Commit to a post-implementation review of the reforms that would include consideration of financial incentives for whistleblowing to regulators (the AICD does not support the introduction of US-style regulatory ‘bounties’ at this time); and
- Ensure that the focus of whistleblowing regulation is on incentivising early detection and prevention of wrongdoing, rather than on compliance with regulatory requirements.
Read our submission on the Australian Government consultation paper: ‘Review of tax and corporate whistleblower protections in Australia here (262 KB).
Submission to the Parliamentary Joint Committee on Corporations and Financial Services inquiry into whistleblowing protections in the corporate, public and not-for-profit sectors here (262 KB).
Directors' changing responsibilities for whistleblowing procedures
Lucas Ryan GAICD, AICD Policy Advisor
AJ Brown, Professor of Public Policy and Law, Program Leader | Public Integrity and Anti-Corruption, Griffith University
Monday 6 March 2017
12:00 PM to 1:00 PM
Complimentary for members